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Kuwait’s Burgan Bank Q1 Net Profit Rises 2%, Misses Estimates

Kuwait’s Burgan Bank Q1 Net Profit Rises 2%, Misses Estimates

Burgan made a net profit of KD17.54 million ($58.2 million) in the first quarter of 2015.

Burgan Bank, Kuwait’s third-largest lender by assets, reported a two per cent rise in first-quarter net profit on Monday, missing analysts’ forecasts.

Burgan, a unit of Kuwait Projects Co (KIPCO), made a net profit of KD17.54 million ($58.2 million) in the three months to the end of March compared to KD17.15 million a year earlier, it said in a statement.

Three analysts polled by Reuters had estimated, on average, a net profit of KD19.94 million for the quarter.

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