Burgan Bank on Thursday announced a net profit of KD 27.2 million (around USD 89.7 million) for the first half of this year, up 13 percent, compared with the same period last year.
The bank’s earnings per share hit 6.3 fils, down 13 percent, compared with the same period last year, the bank said in a disclosure on the website of Boursa Kuwait.
The rise in the bank’s profits in the first half of 2022 is due to a drop in allwances for credit losses, it said, adding that shareholders’ total equity hit KD 739.6 million (around USD 2.4 billion).
Established in 1977, Burgan Bank is the youngest conventional Bank and second largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail, and private bank customer base.
Source: Kuwait News Agency