Kuwait’s Burgan Bank has reported a 73.3 percent increase in 2003 second quarter net profits at 5.255 million Kuwaiti dinars ($ 17.558 million) compared with net profits of KD 3.03 million in the first quarter of the year.
Shareholders’ equity increased from KD 182.5 million to KD 197.315 million (US$ 659.255 million) during the same period. Burgan Bank’s chairman Sheikh Mohammed Abdul Aziz Al-Jarrah Al-Sabah said the profits were in line with the Board of Director’s budget projections. He said a precautionary measure in support of the capital base had allocated conservative provisions, reflecting management strategy to set aside reserves for any future emergencies, which gained the support of international credit rating agencies.
Burgan Bank, an affiliate of Kuwait Projects Co (KIPCO), is active in electronic and automated banking, with a range of services including Internet and phone banking, electronic payment gateways, and mobile ATMs. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
