INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 JUNE 2023 (UNAUDITED)
Kuwait: 27 July 2023
Burgan Bank Group
Interim Condensed Consolidated Statement of Income
Period ended 30 June 2023 (Unaudited)
Three months ended
Six months ended
Notes
30 June
30 June
2023
2022
2023
2022
KD 000's
KD 000's
KD 000's
KD 000's
Interest income
89,427
72,194
196,873
134,867
Interest expense
(63,082)
(37,600)
(136,089)
(68,356)
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Net interest income
26,345
34,594
60,784
66,511
Fee and commission income
10,234
11,016
22,503
21,968
Fee and commission expense
(2,088)
(1,599)
(4,122)
(3,154)
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Net fee and commission income
8,146
9,417
18,381
18,814
Net gain from foreign currencies
6,198
4,091
6,536
7,733
Net investment income
322
3,648
1,342
7,256
Dividend income
447
1,053
622
1,155
Other income
11,795
4,998
20,332
8,907
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Operating income
53,253
57,801
107,997
110,376
Staff expenses
(12,754)
(13,390)
(27,363)
(25,024)
Other expenses
(12,309)
(13,176)
(26,669)
(23,961)
Operating profit before credit losses and
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other provisions
28,190
31,235
53,965
61,391
(Charge for) release of provision for credit losses
(13,739)
3,023
(18,060)
(10,887)
(Charge for) release of provision for other
(138)
72
(636)
(58)
financial assets
Net monetary loss
2.3
(788)
(11,054)
(7,326)
(11,054)
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Profit before taxation
13,525
23,276
27,943
39,392
Taxation
7
(2,626)
(6,845)
(8,970)
(9,834)
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Profit for the period
10,899
16,431
18,973
29,558
Attributable to:
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10,536
18,107
Equity holders of the Bank
15,114
27,240
Non-controlling interests
363
1,317
866
2,318
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10,899
16,431
18,973
29,558
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Basic and diluted earnings per share -
attributable to the equity holders of the
2.7
6.0
Bank (Fils)
8
1.7
3.9
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The attached notes 1 to 13 form an integral part of this interim condensed consolidated financial information.
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Burgan Bank SAKP published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 08:09:05 UTC.
Burgan Bank KPSC is a Kuwait-based entity which is primarily engaged in banking and investment services to individuals and corporations. The Bank is organized into four business segments which includes corporate banking segment provides comprehensive product and services to corporate customers and financial institutions including lending, deposits, trade services, foreign exchange, advisory services; Retail and Private banking segment provides wide range of products and services to retail and private bank customers including loans, deposits, credit and debit cards, foreign exchange; Treasury and investment banking segment includes treasury activities, investment services and management. It also provides products and services to banks including money markets, lending, deposits, foreign exchange; Central office segment includes liquidity and funding management, any residual in respect of transfer pricing and other unallocated activities.