Mubasher: Burgan Bank disclosed that it expects a net profit ranging from KWD 10 million to KWD 11 million from the sale of its headquarters building, located in Burgan Tower Al Sharq.

The bank referred that the net profit will be realised when the sale deal is completed and the building’s ownership is transferred to the buyer, the United Investment Group (UIG), according to a statement to Boursa Kuwait on Monday.

Burgan added that the profits from selling the building, which was concluded on Sunday, 29 December, will be registered in the financials of the fourth quarter (Q4) of 2019.

It is noteworthy to highlight that during the first nine months of 2019, the bank’s profits declined by 4.9% to KWD 67.45 million from KWD 70.96 million in the same period last year.