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Burgan Bank Q2 profits rises 25%

Burgan Bank Q2 profits rises 25%
Burgan Bank on Thursday posted a 24.6% year-on-year surge in profits in Q2-17
BURG
BURG
-0.96% 207.00 -2.00

Kuwait – Mubasher: Burgan Bank on Thursday posted a 24.6% year-on-year surge in profits in the second quarter of 2017, according to a statement by Boursa Kuwait.

The Kuwaiti bank recorded a profit of KWD 21.07 million ($69.45 million) in Q2-17, compared to KWD 17.13 million ($56.47 million) in Q2-16.

In the first half of 2017, the bank’s profit increased 23.7% to KWD 38.88 million from KWD 31.42 in H1-16.

The bank attributed the rise in H1-17 profits to the growth in the operating profit.

Burgan’s net operating profit levelled up 21% to KWD 71.57 million in H1-17, versus KWD 59.3 million in the corresponding period of 2016.

The bank previously reported a 24.6% rise in Q1-17 profits to reach KWD 17.81 million from KWD 14.29 million in Q1-16.

By the end of Thursday’s trading, Burgan bank’s declined 1.77% to 333 fils, with a traded volume of 804,040 shares and a turnover of KWD 270,120.