The financial statements of Burgan Bank showed a decline in the bank's profits in the first nine months of this year by 51.7% on an annual basis.
According to the bank's results for the Kuwaiti Stock Exchange, today, Sunday, profits for the period amounted to 32.575 million dinars, compared to 67.454 million dinars for the first nine months of 2019.
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The bank said in a statement to the Stock Exchange that the decline in profits during the comparison periods is mainly due to the decrease in operating income and the increase in the allocations charged to loans and advances, which is due to the negative impact of the Corona pandemic On economic activities.
At the level of the third quarter of 2020, the bank achieved a profit of 9,829 million dinars, compared to a profit for the same period of last year of 22,688 million dinars, a decrease of 56.7%.
The total operating income of the bank in the first nine months of this year was about 164.546 million dinars, compared to 178.266 million dinars for the same period in 2019, a decrease of 7.7%.
The total equity of the bank's shareholders decreased by 5.6% to reach 705.084 million dinars for the period ending September 30, 2020, compared to 746.817 million dinars for the same period of Previous year.
Burgan's profits fell 49.2% in the first half of the current year, to reach 22.75 million dinars, compared to 44.77 million dinars profits for the same period in 2019.
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