KUWAIT CITY, Oct 25, (KUNA): Kuwait’s Burgan Bank announced on Tuesday 2011 third quarter net profits of quadruple growth in comparison to those a year earlier.These net profits worth KD 16.1 million represent another strong quarter performance for the group, reflecting five consecutive quarters of consistent growth, read the bank’s statement. The bank’s net profits for the first nine months of 2011 surged to KD 41.4 million, against a loss of KD 3.6 million compared to the same period of 2010. Normalised revenues grew by 9 pct compared to last year and returns on shareholders equity reported at 13pct.
During 2011, loans and customer deposits registered a growth of 3pct and 2pct respectively. Earnings per Share (EPS) stood at 28.8 fils for the period ending 30th of September 2011.
The consolidated financials include the results of the bank’s operations in Kuwait, as well as its shares 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.

The bank’s chairman, Majed Essa Al-Ajeel, said: “We are pleased with our performance that is driven by the excellent implementation and execution of the growth strategy we announced earlier this year. Burgan Bank group is in a strong position that allows me to remain confident of our ability to weather the global economic climate turbulences, apparent in the US and the Eurozone”.
For his part, Chief Executive Officer of Burgan Bank, Eduardo Eguren, said: “I am very satisfied with another solid quarter performance. The results reflect five consecutive quarters of sustainable growth in a bearish economy.
“Fostering a solid top-line growth, controlling expenses and credit costs have placed the group on a sustainable growth trajectory. The bank’s balance sheet remains healthy with a robust capital adequacy ratio of 19.34pct”, added Eguren.