Kuwait-based Burgan Bank Group has reported a net income of KD17.2 million ($56.87 million) for the third quarter of this year.

The net income for the first nine months of 2016 was KD48.6 million ($160.69 million). Earnings per share for the nine months stood at 18.6 fils, the bank said.  

Burgan Bank Group continues with prudence to maintain its solid performance and selective growth approach amid the high market volatilities, geopolitical risks and challenging operating environment, said the bank.

Year-on-year, loans and advances to customers grew by 10 per cent reaching KD4.3 billion while customers’ deposits remained flat at KD3.9 billion due to actions taken to diversify the bank’s long-term funding profile during 2016, it said.

Also year-on-year, non-performing assets ratio net of collateral dropped to 1.2 per cent with coverage ratio net of collaterals reaching 385 per cent. Basel 3 Capital Adequacy Ratio stood at 15.8 per cent at the end of September 30, 2016.
 
Majed Essa Al Ajeel, chairman of Burgan Bank Group, said: "Burgan Bank Group continues the defensive and prudent approach amid the increasing volatilities. Yet again, our business model has proven to be resilient and leading indicators continue to point north.”   - TradeArabia News Service