Burgan Bank announces continued strong growth in Q3 results

This resulted in strong earnings per share, which went up by 35.5% at 72.8 Fils, assuring the bank of an attractive price earning ratio as compared to the industry. Return on equity reached 27.9%, a 8.5% jump over the last year achievement of 25.7% for the same period.

The Banks' operating income of KD92.6m grew substantially by 38.9% compared to the same period last year. An enlarged and diversified customer base led to a 18.9% growth in customer deposits. With KD334.1m shareholder's equity base, the Basel II capital adequacy ratio stands at 18.7%, strongly positioning the Bank's capitalization both by local as well as international standards. These indicators are strongly supportive of Burgan Banks' growth strategy to position itself as one of the top banks in Kuwait.

Commenting on the results and the Bank's performance, Chairman Mr. Tariq Mohammed Abdul Salam "Our 2007 Q3 financial results reflect our continuing progress quarter after quarter this year. It reiterates our foremost commitment to our shareholders and our customers. On behalf of the Board and myself, I take this opportunity to extend our thanks to all our customers for their loyalty and to Burgan Bank staff for their continued support and commitment. I also invite our patrons and partners to share in our vision as we work towards further collective growth."

Burgan Bank having launched its 'Bright Future' project, is continually investing in innovating its products and services to meet the changing and growing demands of consumers. At present the Bank enjoys a wide reach through its network of 19 branches of which most have been renovated, and a growing network of over 60 ATM facilities in Kuwait. The Bank is pursuing its efforts in centralizing its operational capabilities with the goal of both enhancing the delivery of quality services as well as continuing cost efficiencies.

Having completed 30 years of successful banking in Kuwait's dynamic socio-economic landscape, Burgan Bank continues to focus on a customer-centric approach to tailor and design products and services around customers' needs and preferences.

Burgan Bank was recertified and is still the only bank in the GCC with ISO 9001:2000 re-certification in all its banking businesses. It also has to its credit the distinction of being the only bank in Kuwait to have won the JP Morgan Chase Quality Recognition Award, 9th year in succession for maintaining high standards of quality, efficiency and reliability while processing foreign currency transactions.

Additionally, Burgan Bank has also been acknowledged as the 'Best Local Private Bank' in Kuwait in the Fourth Annual Euromoney Private Banking Survey 2007, reflective of the high standards of wealth management services offered by the Bank. The Bank's steadily improving financial performance was acknowledged by Standard & Poor's Ratings Services which revised its outlook on Burgan Bank from stable to positive in addition to affirming its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on the Bank. Further, Moody's Investor Services also upgraded the Bank's FSR rating from D+ to C- earlier this year.