Burgan Bank disclosed recently its interim financial statements for the third quarter of 2014 where net income stood at KWD15.4 million, compared to a net loss of KWD10.3 million in 3Q2013, which included one-off precautionary provisioning charges, and down 5% Q-o-Q. The actual earnings to miss EFG -Hermes forecast of KWD18.7million by 17%.

Hermes noted ,in its recently issued company note ,that Burgan's Pre-provisions income in 3Q2014 was strong at KWD39.8 million, up by 16% Y-o-Y (3% Q-o-Q), and coming 16% ahead of its forecast.

However, Loan growth was 2.8% Q-o-Q (annualized loan growth of 11%) , in line with Hermes forecast.

In this regard, Burgan announced its first nine month results for the financial year 2014 compared to the same period last year.

Operating income surged to KWD200.8 million while Operating Profits before provisions soared to register KWD112.6 million , net income for the 9 months surged by 177% reaching KWD48.7 million in the third quarter and compared to the same period last year, Operating income grew 17% reaching KwD70.3 million while operating profit before provisions grew by 16% reaching KWD39.9 million.