Kuwait's Burgan Bank, the commercial banking arm of Kuwait Projects Co (KIPCO), posted a more than ten-fold rise in first-quarter net profit helped by a drop in loan loss provisions.
Net income in the three months to March 31 was 11.8 million dinars ($42.92 million), from 1.06 million dinars in the year-earlier period, the bank's financial statements posted on the Kuwaiti bourse website on Wednesday showed.
It did not give a reason for the profit surge but provisions during the quarter dropped to 5.7 million dinars compared with 22.5 million dinars in the first quarter of 2010, while operating income reached 38.8 million dinars.
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