Connect with us


Bergen records strong growth in the first quarter of 2022



Bergen records strong growth in the first quarter of 2022

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.

See also  Egypt's Best Sports Car.. MG ZS Model 2022 Specs and Prices

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.

See also  The Turkish lira fell against the Saudi riyal today, Wednesday, June 22, 2022

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.

# Enterprise data

– Done –

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. .

See also  Why did Elon Musk buy its shares despite constant criticism on Twitter?

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


“Artificial Noise”…Why Are Electric Cars Banned From Driving Quietly?



“Artificial Noise”…Why Are Electric Cars Banned From Driving Quietly?

Electric cars

Electric vehicle sales across the globe have seen significant growth recently, and amid fierce competition among vehicle manufacturers of this type, most countries are taking rapid steps in adopting the electric vehicle option to capture a larger share of this promising market.

The latest data shows that the number of electric passenger cars on the world’s roads reached 27 million cars by the beginning of 2023, and this number is expected to rise to 100 million cars by 2026, with more and more customers adopting clean methods. Transportation.

A number of factors have helped the electric car market flourish, as a previous report by Bloomberg New Energy Finance expected the number of electric vehicles on the road to reach approx. 731 million cars by 2040, or 46 percent of the number of vehicles on the road at that time.

Losing an important element in the world of leadership

According to Bloomberg, electric car sales are expected to exceed 10.5 million cars in 2022, up nearly 50 percent from 2021, and reach 22 million units in 2025.

But the growing reliance on electric vehicles is causing many drivers to miss an important part of the driving world, which is the sound produced by the engine in traditional cars. An electric car does not emit engine noise, much to the chagrin of car enthusiasts who believe that the quietness of electric cars leaves the driver with nothing to feel.

Biggest Disadvantages of Electric Cars

The absolute silence of electric cars has become one of the biggest drawbacks that these vehicles suffer from, not only according to the opinions of drivers who love the sounds of car engines, but also according to road traffic safety authorities in many countries, which has provoked. Some of them issue a law that seems surprising, however, that electric cars produced in the future must have clear sounds that can be distinguished from a distance.

See also  Egypt's Best Sports Car.. MG ZS Model 2022 Specs and Prices

For example, the European Union considers electric cars to be too quiet to pose a danger to road users, particularly pedestrians, cyclists and other cars, who sometimes sense the presence of a car nearby. Not only by its sound, but also by its sight, which prompted the European Union to pass legislation in 2019 that would force electric cars to “make noise” to attract the attention of pedestrians.

Under European law, all electric car manufacturers must provide their vehicles with a device that emits sounds similar to the sounds of traditional engines while driving on the road, and this sound also works when the car turns.

In turn, regulators in the United States insist that electric cars emit sounds that let pedestrians know they are approaching, and this is welcomed by the world’s stray animal protection associations, which believe that electric cars emit sounds. Also contributes to alerting animals on roads.In rural areas.

Currently, various electric car manufacturers are intensifying their efforts to provide their cars with systems that emit fake engine sounds. Famous musicians.

Exaggerated strange sounds

Dr. Hasna Harfouch, a series columnist on electric cars, told the “Iqtizad Sky News Arabia” website that the primary goal of laws and regulations enacted in some countries is to force car manufacturers. Electric vehicles emit fake sounds, ensuring safety and reducing risks is the first goal. Traffic accidents by warning pedestrians, bicyclists and other drivers that a car is approaching Previous statistics collected by the U.S. National Highway Traffic Safety Administration showed that pedestrians and bicyclists were twice as likely to be injured in collisions with an electric car. Also, another study found that quieter cars cause 40 percent of accidents. .


According to Harfouche, many electric car manufacturers now offer a range of models of fake engine sounds to add life to the car’s dynamics, with these models shocking passengers in terms of amplification like some cars. For example, it can emit a sound similar to the sound of a fighter jet or racing car engines, which prompts many electric car drivers to describe the sounds of their cars as strange and funny because they are exaggerated and do not reflect the car’s true power.

See also  Will Elon Musk bring his Twitter account back to Trump?

Harfouch explains that the sounds produced by electric cars are not produced by the car itself, but by an audio simulation system that relies on a loudspeaker, in addition to the safety element, companies are trying to bring back its flavor. A thing of the past for some drivers who don’t have experience driving gas-powered cars.As a society that communicates using sounds, the lack of engine noise in electric cars has created a sense of emptiness for many experienced drivers. Years to the sounds of their cars.

Noise is not a negative factor

For his part, in an interview with the website “Eqtisad Sky News Arabia”, Muhammad Musa, an expert in the automobile trade, said that China, the United States, Britain, the European Union and Japan are among the countries that support this policy. Electric cars that make artificial noise act as a warning to pedestrians, the advantage of the absence of sound in electric vehicles is considered a disadvantage, especially when these cars travel at low speeds in residential areas, which is not there. Pedestrians have a car coming toward them or near them, which may pose a danger to them.

According to Musa, car noise can be a concern for the comfort of residents in areas where vehicles are always moving, but the fact that electric cars do not emit sounds has turned the situation from a nuisance to a hazard for pedestrians. It showed that noise is not a negative factor, which is what I felt. Traffic safety authorities in several countries have already insisted on the use of sounds to warn passers-by, and companies such as Fiat, Renault, BMW, Mercedes and Tesla are working on designing fake sounds compatible with their models.

See also  The Turkish lira fell against the Saudi riyal today, Wednesday, June 22, 2022

Looks like a lot of fun

Based on estimates, the number of electric vehicles traveling on the world’s roads is expected to reach 731 million cars by 2040, and Moussa stressed that this would be significantly reflected if all these cars were “quiet”. The increase in the number of collision accidents around the world indicates that manufacturers are becoming more interested in the issue of car sound, as some companies are considering offering fake engine sound systems as a kit that can be fitted to previously sold electric cars.

Musa noted that some of the sounds made by electric cars don’t necessarily resemble the sound of a regular car, as there are cars that sound closer to the sound of a broom, and that makes the situation more fun.

This category dominates the global automobile market

Continue Reading


A strong dollar is powerless against oil… Brent is “around the corner” from 100



A strong dollar is powerless against oil… Brent is “around the corner” from 100

Brent crude breaks above $97 level

At a steady pace, oil prices continued to rise in early Asian trade on Thursday after hitting a 2023 high in the previous session, as fears of global supply shortages worsened in light of a sharp decline in US crude inventories. Reached important milestones.

U.S. crude inventories fell by about 2.2 million barrels last week to 416.3 million barrels, according to government data. With a decline of about 320,000 barrels, the decline significantly exceeded analysts’ expectations, according to a Reuters poll.

This comes after Saudi Arabia and Russia announced voluntary production cuts of 1.3 million barrels per day until the end of the year.

Price action

Brent crude remained close to $100 a barrel as it traded above $97 a barrel in Asia on Thursday, up 0.9 percent, its highest level since last November.

U.S. West Texas Intermediate crude futures rose more than a dollar to $94.70, their highest level since August 2022, and U.S. crude rose 3.6 percent after settlement on Wednesday, its biggest gain since early May.

Inventories in Cushing, Oklahoma — a delivery point for U.S. crude oil — fell below 22 million barrels, the lowest level since July 2022 and near the operational minimum.

A strong dollar has failed to deter oil

Amrita Sen, co-founder and head of research at Energy Aspects, said: “What I fear in this market is that we’ve made a huge reduction in inventories… Right now, what’s happening in the U.S. — (the drought) according to Bloomberg, inventories in Cushing).

Will oil prices hit $100 soon?

See also  New project to manufacture chemicals in Ruais

West Texas Intermediate crude has risen by about a third since late June and is on track for its biggest quarterly gain since early 2022, fueling inflation and posing new problems for central banks.

Earlier this month, OPEC predicted a shortfall of up to 3 million barrels per day of crude oil in the fourth quarter. With demand in the United States and China proving resilient, many in the market now see $100 oil as inevitable, despite a strengthening dollar and lingering worries about rising global interest rates.

The dollar rose to its highest level in ten months against a basket of major currencies on Wednesday, sending the euro to its lowest level in nine months and raising the possibility of intervention to support the yen.

The dollar index, which measures the currency’s performance against a basket of currencies, rose to 106.7, its highest since last November 30.

In an exclusive interview with Sky News Arabia, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said our expectations for oil prices were revised higher after strong support prices received from the Middle East based on continued production cuts.

“OPEC expects a large supply shortfall in the last quarter of the year, Saudi Arabia maintains voluntary cuts, which will keep markets tight in the coming months, so the risk of oil prices reaching $100 remains.” In Hansen’s words.

Can the world do without oil?

However, Ole Hansen, head of commodity strategy at Saxo Bank, noted that some countries in the world are headed for stagnation, meaning demand prospects in 2024 will be challenging.

See also  Sharp decline in oil prices

He emphasized that OPEC member countries are well aware that higher oil prices will reduce demand and that this is not in their interest.

For his part, Warren Patterson, Head of Commodity Strategy at ING Groep NV, said: “It will be a while before Brent crude oil exceeds the $100 per barrel level (…) However, we believe that the breach of these levels will be relatively short-lived,” OPEC+ said in a statement. There will be more pressure to ease the cuts.”

It’s worth noting that stocks in Cushing have fallen for seven consecutive weeks, and many traders believe they are already at a low enough level to allow tanks to function normally. Buying spot supplies from storage centers is also expensive, and the price of U.S. crude has risen significantly for foreign buyers outside the U.S.

Madonier: Oil will be an important part of the global energy mix

Continue Reading


European shares fall for fifth straight day, real estate shares fall, Reuters



European shares fall for fifth straight day, real estate shares fall, Reuters
© Reuters. Electronic screens show stock trading activity on the German DAX index at the Frankfurt Stock Exchange on Wednesday. Photo: Reuters.

(Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .

The European index fell 0.2 percent, closing at its lowest level in six months.

The European real estate sector index fell 2 percent.

Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.

Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.

The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.

Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.

NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.

Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.

H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.

See also  Will Elon Musk bring his Twitter account back to Trump?

(Prepared by Rehab Ala for Arabic Bulletin)

Continue Reading


Copyright © 2023