Burgan Bank posted a net profit of KD 12 million (approximately USD 39.6 million) in the first quarter of 2022, an increase of 140 percent compared to the same period last year, with earnings per share of 3.7 fils.
In a disclosure on the website of the Kuwait Stock Exchange Sunday, the bank attributed the increase in net profit for the first quarter to an increase in operating income and lower provision for credit losses.
The operating revenues in the first quarter amounted to around KD 52.5 million (nearly USD 173 million), an increase of 10 percent compared to the first quarter of 2021, while the total shareholders’ equity at the end of last March amounted to about KD 741 million (roughly USD 2.4 billion), an increase of 9 percent from the end of March 2021, it added.
Burgan stated that the bank’s total assets at the end of the mentioned period amounted to KD 7.3 billion (about USD 24 billion), an increase of 7 percent compared to the end of the first quarter of 2021
Source: Kuwait News Agency