Bank Al-Burhan Achieves 22 Million KD Net Profit in Nine Months

Kuwait - Bank of Kuwait announced on Wednesday that it achieved net profits of 22 million Kuwaiti dinars (approximately $73 million US) in the first nine months of this year, a decline of 31 percent compared to the same period last year, with earnings per share of 3.6 fils. In a press release, the bank stated that it recorded growth in its core revenue sources and further growth in its balance sheet during this period, reflecting sustained momentum across the group’s various banking operations, supported by growth in credit activity, contributions from different business sectors, and a disciplined approach to managing its financial position. It added that profitability remained affected by rising operating expenses and the repercussions of applying hyperinflation accounting to the group’s operations in Turkey, while maintaining a strong capital and liquidity position, with regulatory ratios comfortably above the minimum requirements of applicable regulations. The successful completion of a capital increase of 50 million dinars through the issuance of rights shares during the period also contributed to strengthening the bank’s capital base and enhancing its financial flexibility. The statement clarified that the bank recorded total revenues of 201 million dinars (approximately $663 million) in the first nine months of this year, driven by higher net interest income and continued growth in fee and commission income, while net interest income rose to 137 million dinars (approximately $452 million). The statement quoted Chairman Sheikh Abdullah Nasser Al-Sabah as saying that the bank’s performance in the first nine months reflects the resilience of our business model and the strength of the financial foundations we continue to consolidate, noting that amid economic changes and uncertainty at both the regional and global levels, the bank has continued to focus on maintaining financial stability, protecting stakeholders’ rights, and executing its strategy prudently. Sheikh Abdullah Al-Sabah added that total assets reached 9.4 billion dinars (approximately $31 billion) at the end of September last year, while total loans and advances grew by 8 percent year-on-year to reach 5.1 billion dinars (approximately $16.8 billion), driven by sustained credit activity, particularly in Kuwait. He affirmed that the bank’s growth approach is based on prudent risk management, sound governance, and responsible capital management, and that maintaining the strength of our balance sheet is essential to our ability to navigate market changes and seize strategic opportunities. For his part, Tony Dagher, Chief Executive Officer of Bank of Kuwait Group, said in the statement that the group’s performance in the first nine months of the year reflects sustained momentum in its core banking activities, supported by growth in net interest income, continued strength in fee and commission income, and growth in loan and deposit portfolios. Dagher pointed out that Kuwait remains a key driver of this performance, while the integrated capabilities of our international operations continue to support a diversified business model and enhance the range of solutions we offer to clients. (End) F N K / A N D