(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Oct 29 (KUNA) -- Burgan Bank Group announced Monday its nine months earnings for the financial year 2018, reporting a net income of KD 71 million (USD 235 million) with a growth of 32 percent year on year.
A press release by the Group noted that during the third quarter of 2018, the Bank registered KD 20.5 million (USD 68 million) growing 36 percent in comparison to the same period last year. The set of results for the period ending on September 20, 2018 demonstrated solid operating capabilities and efficiencies, the release highlighted.
Earnings per share grew for the first nine months by 38.5 percent year-on-year, reaching 26.6 Fils, and achieving return on tangible equity (ROTE) of 13.4 percent for the same period.
During the first nine months of 2018 and compared with the same period of 2017, operating income grew by 15 percent to reach KD 206.6 million (USD 685 million). As of end of September 2018, total assets reached KD 6.8 billion (USD 22.6 billion), loans and advances to customers at KD 4.2 billion (USD 13.7 billion), and deposits from customer at KD 3.8 billion (USD 12.7 billion).
Majed Al-Ajeel, Chairman of Burgan Bank Group said: "We continue delivering solid results in 2018 and we are pleased with the Group's performance. We have confidence in our business model and adaptability and we are supported by our prudent approach to risk and returns. Our commitment to executing our strategy allowed us to deliver well ahead of expectations and amid shifting circumstances.
"The balance between domestic and international operations and focus on enhancing operating income streams has proven successful. We have a strong pipeline. We trust our operating capabilities and we remain focused on prudence and selective growth," added Al-Ajeel.
On October 10, Burgan Bank successfully completed its Rights Issue, whereby the Bank raised KD 62.55 million of equity by issuing 240.58 million shares. The Rights Issue was oversubscribed with healthy participation from its existing shareholders, underscoring the strength of the franchise. The net proceeds of the Rights Issue will be used to further strengthen the Bank's capital position, and for general corporate purposes.
Established in 1977, Burgan Bank is the youngest commercial Bank and second largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail, and private bank customer base. Burgan Bank has majority owned subsidiaries in the MENAT region supported by one of the largest regional branch networks. (end) hb
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