Burgan Bank boosts second quarter profits by 73.3 per cent

Shareholders' equity increased from KD 182.5 million (US$ 609.76 million) to KD 197.315 million (US$ 659.255 million) during the same period.

Sheikh Mohammed Abdul Aziz Al Jarrah Al Sabah, Burgan Bank chairman, said the profits were in line with the Board of Director's budget projections. He said a precautionary measure in support of the capital base had allocated conservative provisions, reflecting management strategy to set aside reserves for any future emergencies, which gained the support of international credit rating agencies.

Burgan Bank, an affiliate of Kuwait Projects Co. (Holding) - KIPCO - is Kuwait's acknowledged leader in electronic and automated banking, with a range of popular services including Internet and phone banking, electronic payment gateways, and mobile ATMs.

Sheikh Al Sabah said Burgan Bank's increased results would not have been possible without the support of shareholders and customers. He said the bank was striving to achieve optimum value from its assets, to meet customers' requirements and realise the highest profitability for its shareholders.

Sheikh Al Sabah said the bank planned to launch a number of new banking and financial products before the year-end. These were aimed at satisfying customers through unprecedented quality services and innovative financial solutions to meet and respond to customers' requirements. He stressed the Bank's determination to achieve stable growth rates in operational performance through introduction of modern distribution channels based on advanced technology - "No longer a matter of a choice for banking and financial institutions, but a challenge".

Sheikh Al Sabah said the bank was optimistic about the future, with confidence stemming both from the bank's strong financial position, and its professional and loyal employees.

He added the bank would also embark on a comprehensive development of its organisational structure and operational procedures, to improve effectiveness of its performance and reduce costs.

KIPCO, one of the leading diversified holding companies in the Middle East and North Africa, is a major regional force in Financial Services, and Media and Technology. The largest private sector company in Kuwait, it employs more than 10,000 people internationally and its shares are publicly traded on the Kuwait Stock Exchange.