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Mr.Tariq Mohammed AbdulSalam,Burgan Bank Chairman, says:
"Our third quarter financial results are indicative of our growing profitability despite the current global financial situation. The results reflect our continuing progress quarter after quarter this year. It reiterates our foremost commitment to our shareholders and our customers. The results also speak of our prudent investment and risk management prowess. We are upbeat about our financial growth for the remainder of the year, driven by our regional expansion strategy. On behalf of the Board, I take this opportunity to thank our customers for their confidence in our capabilities and to the Bank staff for their continued support and commitment."
Client loans and advances grew by a healthy 47.2% considering the prudent risk and reward criteria. An enlarged, diversified customer base led to a 46.4% growth in customer deposits. With KD342.9m shareholder's equity base, 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. These indicators are strongly supportive of Burgan Bank's growth strategy to position itself as one of the leading banks in Kuwait.
The Bank sees an extremely positive outlook for the rest of the year, augmented by a regional expansion strategy that it recently embarked upon. The expansion seeks to establish a robust MENA-wide commercial banking franchise by acquiring a majority stake in four commercial banking entities in Algeria, Iraq, Jordan and Tunisia from United Gulf Bank for a consideration in cash of $725m. The Bank completed the acquisition of Jordan Kuwait Bank (JKB) at the beginning of the 3rd quarter this year.
The Bank is committed to sustaining positive and rapid growth in its market share within Kuwait, and over the course of its three-year aggressive expansion strategy, aims to further establish and strengthen its presence across key markets within the MENA region.
Posted by Rana Mesbah
