Mubasher: Burgan Bank Group’s net profit went down to KWD 44.8 million ($147.5 million) in the first six months of 2019, compared to KWD 50.5 million ($166.3 million) in the year-ago period.

The bank's revenues amounted to KWD 116.3 million ($382 million) in H1-19, while the return on equity rose 10.7%, the Kuwait News Agency (KUNA) reported on Wednesday.

"Strong revenue levels were delivered due to a stable net interest margin of 2.8%. Burgan continues to focus on operating efficiency, thereby maintaining its Cost-to-Income Ratio at 42.1%," chairman of Burgan Bank, Majed Al-Ajeel, commented.

Burgan Bank Group has 164 branches across Kuwait, Turkey, Algeria, Iraq, Tunis, and Lebanon, along with and representative office in Dubai.

Burgan Bank reported a 10.8% year-on-year increase in revenue during the full year 2018, recording KWD 265.3 million ($878.1 million).