Kuwait’s Burgan Bank on Saturday announced that second quarter net profit grew by 14 percent to KD13.455m ($49.34m).
The banks said revenues grew by 10 percent to KD42.7m from the first quarter of 2011.
It was the fourth consecutive quarter where Burgan Bank Group reported a growth trend in its results.
The consolidated financials included results of Kuwait operations and Burgan Bank share from its subsidiaries, namely Bank of Baghdad, Gulf Bank Algeria, Tunis International Bank and Jordan Kuwait Bank, in which Burgan Bank has a majority stake.
Burgan Bank’s chairman, Majed Essa Al-Ajeel, said: “The first half of 2011 has witnessed a positive growth for the Burgan Bank Group. Despite the regional unrest, our subsidiaries continue to be progressing satisfactorily well ahead of plans.
“The bank’s performance during the first half of 2011 reflects a positive financial delivery trend. We are optimistic about the remaining half of the year.”
CEO Eduardo Eguren added: “We are pleased that our overall performance, particularly of our normalised revenues is on a growth trend.
“Our second quarter core revenues grew by 17 percent excluding the one off gains compared to the same period of last year despite adapting a prudent approach by building counter cyclical reserves of KD8.1m.”
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