Burgan Bank announced on Saturday that 1Q2016 net income stood at KWD14.3 million, down 18% Y-o-Y and 16% Q-o-Q, although 13% ahead of our estimate of KWD12.7 million. According to the press release, net income, excluding precautionary provisions, stood at KWD19.1 million. Also, according to the press release, one of the reasons for the Y-o-Y decline in net income was weak non-interest income, as a result of lower gains from foreign currencies. CET1 ratio stood at 10.7% and CAR stood at 16.4% as of March 2016. We will add more colour once the financial statements are available (Burgan Bank press release, Elena Sanchez-Cabezudo, CFA)