NO. 34


Bank Results

Bank Burgan Bank Sees Profits Halve As Central Bank Withdraws ResultsSupport Funds

Kuwait-based Burgan bank saw its profits fall by half in 1993, largely as aresult of the withdrawal of Central Bank support funds. The bank was able tomitigate the loss of interest revenue to some extent by increasing non-interestincome, but the net result was still a sharp reduction in overall income.Nevertheless, the bank is to issue an 8% cash dividend, compared to 7.5%...