Burgan Bank Group has reported a net profit of KD17.1 million ($60.76 million) for the first quarter of 2014 as against KD15.6 million reported for the first quarter in 2013, reflecting a growth of 10 per cent.

Operating income surged to KD61.7 million registering a growth of 10 per cent while operating profits before provisions soared to register KD34million reflecting a growth of 14 per cent. Earnings per share grew from 10.1 fils to 11.2 fils mirroring a growth of 11 per cent.

The performance during the first quarter of 2014 delivered a continuous solid growth in all business lines across the group with high quality earnings registered during the quarter, net interest income grew by 19 per cent while net fees and commission grew by 7 per cent compared to the first quarter of 2013.

Majed Essa Al Ajeel, chairman of Burgan Bank Group said: "Every analysis confirms that as a group, we are still preserving the trend of growing faster than the markets.”

“Once again, we are still reaping the benefits of our focused execution of the two core elements of our strategy: Grow market share with profitability in the core market, and, diversify into faster growth markets. The quarters-to quarter trends confirm that we are achieving both.

“Our leading financial indicators continue to point to the right direction. Our regional operations remain profitable and contributing 47 per cent to the group’s revenues. I remain confident and optimistic of the group’s strong performance going forward,” he added.

"On behalf of the board, I take this opportunity to thank our customers and shareholders for their confidence in our capabilities. I would also like to thank our executive management team for their leadership and the excellent execution of the corporate strategy, and to our staff for their continued support and commitment," concluded Al Ajeel.

The consolidated financials encompass the results of the Group’s operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Gulf Bank Algeria, Burgan Bank – Turkey, Bank of Baghdad, Tunis International Bank, in which Burgan Bank owns a majority stake. – TradeArabia News Service