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Burgan Expects Higher 2011 Profit, Smaller Provisions, Rai Says

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May 15 (Bloomberg) -- Burgan Bank SAK of Kuwait expects 2011 profit to be higher than last year as the lender plans to reduce funds set aside to cover bad assets, Al-Rai reported, citing Chairman Majed Easa Al Ajeel.

The lender, which is part-owned by Kuwait Projects Co., took provisions of 173 million dinars in 2010 and 4.6 million dinars in the first quarter of this year, Al Ajeel said, according to the newspaper.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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