Burgan Bank Reported 14 Percent Fall In Second-quarter Net Profit

Burgan Bank, Kuwait's third-largest lender by assets, reported a 14 percent fall in second-quarter net profit on Tuesday.

A unit of Kuwait Projects Co (KIPCO), Burgan made a net profit of 17.1 million dinars ($56.7 million) in the three months to the end of June, compared to 19.9 million dinars in the same period a year earlier, it said in a bourse filing.

EFG Hermes forecast the bank would make a quarterly net profit of 14.7 million dinars, with HSBC expecting earnings of 14 million dinars.

One reason for the profit fall was a slide in net interest income, which sank to 37.6 million dinars in the quarter, compared to 41.1 million dinars in the year earlier period.

 

SOURCE : ARABIANBUSINESS

Comments Post Comment

Leave a Comment

Submit