Burgan Bank posts second quarter profits

11 August 2003
Burgan Bank on 11 August announced second quarter net profits of KD 5.3 million ($17.6 million). The result is a 73.3 per cent increase on profits in the first quarter of the year, which totalled KD 3 million ($10 million).

Shareholders' equity increased from KD 182.5 million ($608.3) to KD 197.3 million (US$ 659.3 million) during the same period. The profits were in line with expectation, said Burgan Bank's chairman Mohammed Jarrah al-Sabah.

The result is a positive sign for Burgan, which in 2002 announced full-year losses of KD 5 million ($16.2 million) and discovered accounting irregularities during the course of an audit (MEED 2:6:03).

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