KUWAIT, Burgan Bank announced on Tuesday that it achieved KD 21 million (about USD 69 million) in net profits during the first half of 2024, with a growth rate of 17 percent on an annual basis. The Chairman of the Board of Directors of Burgan Bank, Sheikh Abdullah Nasser Al-Sabah, said in a press statement that the bank achieved revenues worth KD 111 million (about USD 366 million) in the first half of 2024, recording a remarkable growth of 19 percent on an annual basis, indicating that the increase in revenues is due to increase of net interest income to KD 71 million (about USD 234 million), at a rate of 17 percent on an annual basis. He pointed to the strong growth in non-interest income by 24 percent on an annual basis to reach KD 39 million (about USD 128 million), and the bank recorded an improvement in net interest margins by about 20 points on an annual basis to reach 2.1 percent in the first half of 2024, compared to 1.9 percent during the corresponding period in 2023. He also noted that the bank showed significant growth in operating profits by 24 percent on an annual basis, reaching KD 48 million (about USD 158 million), explaining that the bank witnessed an improvement in the cost-to-income ratio by 170 basis points from 58.3 percent in the first half of 2023 to 56.6 percent in the first half of 2024. Sheikh Abdullah stated that the cost of credit (after deducting refunds) remained at a very low level of only 30 basis points during the first half of 2024 despite proactive allocations. The chairman added that the bank also showed a significant growth in assets by 8 percent on an annual basis to reach KD 7.6 billion (about USD 25 billion) as at the end of the first half. Likewise, Burgan Bank Group's loan portfolio recorded a growth of 10 percent on an annual basis to reach KD 4.4 billion (about USD 14.5 billion), driven mainly by the growth of its loan portfolio in Kuwait, which witnessed an increase of 8 percent. He elaborated, saying that customer deposits increased by 7 percent on an annual ba sis to KD 4.6 billion (about USD 15 billion) as of the end of the first half of 2024. Source: Kuwait News Agency
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