Net income of 12.1 million Kuwaiti dinars and operating profit of 30.2 million Kuwaiti dinars
Kuwait: Bergen Bank (“Bergen” or “Bank”) announced financial results for the first quarter ending March 31, 2022. The bank had a revenue of KD 52.6 million, up 10% from KD 47.8 million in the first quarter. By 2021, KD is up 22.% with net interest income of 31.9 million
On an annualized basis compared to KD 26.1 million in the same period of 2021. Net interest rates, driven by 1.7% in the first quarter of 2021 (increasing 30 basis points year-on-year), increased to 2.1% in the first quarter of 2021. The cost of funds should be significantly reduced. The bank achieved strong operating profit of 30.2 million KD, an increase of 11% from 27.2 million KD in the same period of 2021. As a result, net income for the first quarter of 2022 was 12.1 million KD – an increase of 140% over the net, 5.1 million Kuwaiti dinars from the first quarter of 2021. Bergen Bank’s loans and advances increased to KD 4.3 billion (up 2% year-on-year) and customer deposits rose to KD 4.4 billion (up 7% year-on-year). Capital and cash flow were stable.
In the first quarter of 2022, Bergen launched the new Kenz account as part of its strategy to improve retail banking services. The Cons account offers exciting prizes worth over 2.3 million KD in monthly, quarterly, half-yearly and annual tracks. The Bank continued its breakthrough in the journey of digital transformation with the introduction of the Electronic Platform for Corporate Management Solutions (CMS) and the Personal Financial Management Tool (PFM) in Application for Retail Bank Customers.
Commenting on these positive financial results, the Chairman of the Bergen Bank Group, Mr. Majid Issa Al-Azil, The upward trajectory of all key financial indicators, confirms the success of its efforts to focus on the effectiveness and sustainability of Bergen Bank’s strategy and digitalization. And human capital development.
Al-Azeel explained, “After a period of instability in the local and global economies and a lack of clarity in the future, achieving such strong financial results is a key indicator of Bergen’s success in tackling these challenges, and its sustainable progress is the path to sustainable development.” . ” For the bank, it is primarily based on providing the best banking experience by providing the best banking solutions and services with the highest quality. We continue to invest heavily in accelerating digitalisation and strengthening our technological infrastructure throughout the Bank’s operations and operations.
Al-Azeel added, “Bergen Bank maintains its commitment to environmental, social and managerial initiatives, so we integrate the elements of this initiative into all aspects of our corporate approach and our business. An important aspect of the Bank’s long-term transformation journey. We will continue to conduct our business responsibly and respectfully to policies and standards that contribute to maximizing our positive impact.
For his part, the Vice President and CEO of Bergen Bank Group, Mr. Masood Jawahar Hayat noted that the bank’s strong financial performance in 2022 reflects its lending, quality and stability of its assets.
Hyatt continued, “Bergen Bank adopts an innovative growth approach that balances wisdom and consistency with continuous growth while providing a healthy financial performance while enhancing the scale of our services and products, enhancing the full customer experience at every service level, and increasingly digitizing our financial operations. This includes providing intelligent and appropriate solutions to meet our changing customer needs.
Bergen Bank’s consolidated financial statements cover the outcome of the Group’s operations in Kuwait and the role of its subsidiaries Bergen Bank Turkey, Gulf Bank – Algeria, Bank of Baghdad and Tunis International Bank. With this geographical area, Bergen Bank is one of the largest regional branch networks, with 159 branches in Kuwait, Turkey, Algeria, Iraq, Tunisia and Lebanon, with a representative office in the United Arab Emirates.
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About Bergen Bank
Since its founding in 1977, Bergen Bank has focused on the corporate and financial sector sectors. Bergen Bank is a leader in the Kuwaiti banking industry, the third largest bank in terms of assets, and offers innovative banking services tailored to its growing customer base, including individuals, companies and organizations.
Burgan Bank represents the majority of subsidiary banks in the MENAT region, representing the Burgan Bank Group, and includes Gulf Bank Algeria- (Algeria), Bank of Baghdad (Iraq and Lebanon), Tunis International Bank (Tunisia) and Burgan Bank – Turkey (Turkey). Bergen Bank has a strong presence in the United Arab Emirates through its corporate office, Bergen Financial Services Limited.
The Bank has been continuously improving its performance since its inception by diversifying its revenue and financial resources and strengthening its capital base. Burgan Bank’s reliance on the latest technologies in providing its services has helped it to assert its leadership position in the local market and in the Middle East and North Africa region. Bergen Bank operates on the basis of trust, commitment, specialization and development, which forms the basis of the standards and practices it adheres to achieve its goals, satisfying customers with its core goal products and services. .
The Bank is ISO / IEC 27001 2013 certified for Information Security Management Systems (ISMS) and re-accredited with the prestigious ISO 9001 2015 certification, making it one of the few banks in Kuwait and GCC to receive this certification for the fifth time. Time in a row. The bank is proud to be the only bank in Kuwait to win the JPMorgan Chase Quality Recognition Award for twenty consecutive years.
Burgan Bank is a majority subsidiary of Kuwait project firm KIPCO, one of the largest holding companies in the Middle East and North Africa.