Mubasher: Burgan Bank reported a decline of 12.6% in profits during the third quarter of 2017 compared to the same period a year ago.

Earnings decreased to KWD 15.03 million ($49.84 million) in Q3-17 from KWD 17.19 million ($57 million) in Q3-16, according to a bourse statement issued on Tuesday.

During the first nine months of 2017, Burgan Bank achieved a growth of 10.9% in profits to KWD 53.91 million compared to KWD 48.61 million in the same period a year ago.

The bank clarified that the growth in profits is attributed to higher operating income, the statement noted.

It is noteworthy that Burgan Bank achieved a gain of 23.7% in profits to KWD 38.88 million in the first half of 2017 compared to KWD 31.42 million in the same period a year ago.

At the stock level, Burgan Bank started Tuesday’s session 0.87% higher at 348 fils.