According to Bloomberg, Burgan Bank reported a net income of KWD17.2mn in 3Q16, down 21% Y-o-Y and flat Q-o-Q, with 3Q15 earnings being a high base because of one-off FX gains. The actual earnings in 3Q16 came in 5% above our forecast of KWD16.4mn and 3% ahead of Reuters consensus of KWD16.7mn. We will send more details once financials are available. Burgan Bank: KWD0.32 as of 3 November 2016, Rating: Neutral, FV: KWD0.37/share, MCap: USD2,186mn, BURG KK / BURG.KW
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