Kuwait – Mubasher: Burgan Bank Group on Saturday reported a net profit of KWD 14.3 million ($47.5 million) in the first three months of 2016, down 18.4% year-on-year from KWD 17.53 million ($58.2 million).

Net revenue from interest was up 7.4% year-on-year to KWD 37.8 million from KWD 40.6 million, the bank said in a statement, adding that its total assets during the period increased to KWD 7.1 billion compared to KWD 6.8 billion in Q1-15.

The bank previously announced achieving a net profit of KWD 76 million in 2015, compared to KWD 61.8 million in 2014.

Burgan Bank said its financial results include its results for its Kuwaiti unit as well as its stakes in subsidiaries, namely: Gulf Bank Algeria, Burgan Bank – Turkey, Bank of Baghdad and Tunis International Bank (TIB).