Kuwait – Mubasher: Burgan Bank on Tuesday announced a 24.6% increase in its profits for the first quarter of 2017, compared to the first quarter in 2016.
Profits stood at KWD 17.81 million ($58.36 million) in Q1-17, compared to KWD 14.29 million ($46.83 million) in Q1-16, according to a filing to Boursa Kuwait.
The growth in profits in Q1-17 was attributed to the reduction in the cost of loans and debt, the bank indicated.
A drop of 3.4% was recorded in net operating profit to KWD 29.16 million in Q1-17, compared to KWD 30.17 in the corresponding period in the year earlier, the statement showed.
Burgan had previously reported a 10.4% decrease in its profits to KWD 68.18 million in 2016, compared to KWD 76.13 million in 2015.
By 10:06 am Kuwait time, the stock gained 3.23% to reach 320 fils.
