Kuwait – Mubasher: Burgan Bank posted a decline of 13.7% in profits during the second quarter of 2016 when compared to the same period in 2015.
The bank’s earnings decreased to KWD 17.14 million ($56.57 million) in Q2-16 from KWD 19.86 million ($65.55 million) in Q2-15, according to a bourse statement issued Tuesday.
During the first half of 2016, profits shrank by 16% to KWD 31.42 million from KWD 37.39 million achieved in H1-15.
The fall in profits was due to a decrease in net revenues from foreign currencies as well as the decline of net income from fees and commissions, the statement clarified.
Burgan Bank ended Tuesday’s session at 330 fils, after about 112,600 shares were exchanged at a value of around KWD 37,150.
