Burgan Bank Group reports KD46.4m net profits for first nine months of 2012 up by 12% from same period last year

For the period ending September 30th, 2012, earnings per share (EPS) stood at 31.5 fils, registering a growth of 15% compared to 27.5 fils reported in the first nine months of 2011.

Burgan Bank Group continues to deliver strong quarter to quarter performance.

In the third quarter of 2012, Burgan Bank Group's net profit were KD15.2m while operating profit before provisions grew 8% to KD30.9m.

Burgan Bank Group's diversified revenue streams continue to show healthy trends. Overseas operations contributed 50% to group's revenues, maintaining profitability and growth.

The consolidated financials encompass the results of the Burgan Bank Group's operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Gulf Bank Algeria, Bank of Baghdad and Tunis International Bank.

Burgan Bank's Chairman, Mr. Majed Essa Al-Ajeel said, "Burgan Bank Group continues to deliver on its strategy and has maintained its growth trajectory with a sound, balanced approach toward risks and returns. All leading indicators are pointing in the right direction. We thank our executive management team's commitment and their excellent execution of our business strategy."

"Despite the sluggish economy, our business model has proven resilient. We are growing market share in our core markets without altering our risk guidelines and pricing. Our expansion strategy aimed at building and acquiring scale, capabilities and footprint and diversifying our revenues streams has enabled us to reap such impressive results. Our regional operations contribute 50% to our revenues," added Mr. Al-Ajeel.

"Earlier this month, Burgan Bank announced that it received approval from the Central Bank of Kuwait on its deal to acquire Eurobank Tekfen in Turkey and is waiting to receive the final approval from the Turkish regulatory bodies," added Al-Ajeel.

"On behalf of the board, I take this opportunity to thank the Central Bank of Kuwait, our customers and shareholders for their confidence," concluded Al-Ajeel.