Kuwait's Burgan net profit grows ten-fold
Kuwait, February 19, 2012
Kuwait-based Burgan Bank Group has registered a ten-fold jump in its net profit for the year ended December 31, 2011 which soared to KD50.6 million ($182.5 million) from KD4.7 million the year before.
Announcing the results, Burgan chairman Majed Essa Al Ajeel said, 'The group’s performance during 2011 reflects the prudent approach we have been adopting as well as our focus on strategic goals.'
'We have been able to build up a total of KD16 million in provisions, and realizing the positive returns of the well-executed corporate strategy. The results reiterate our foremost commitment to our shareholders as well as our customers, and we are optimistic that we will continue achieving sound results,' he noted.
Thanking the executive management team and staff led by CEO Eduardo Eguren for their continuous hard work and delivery of strong results, Al Ajeel said, 'These results reflect a successful turnaround process that delivered a robust financial year.'
According to him, the bank had restored its pre-crisis profitability levels, and its regional subsidiaries have also recorded profits and continue to be on a growth trajectory.
Burgan’s operating profits grew 15 per cent from last year to reach KD102 million in 2010, operating profits reported at KD89 million excluding a one time consolidation gain of KD11 million.
The bank's earnings per share stood at 35.3 fils compared to 3.4 fils for the same period in 2010.
The consolidated financials include results of the bank’s operations in Kuwait, as well as its subsidiaries, namely, Bank of Baghdad, Gulf Bank Algeria, Tunis International Bank, and Jordan Kuwait Bank, in which Burgan Bank has a majority stake, said Al Ajeel.
Impressed with the results, the board of directors has recommended a payout of 10 fils as a cash dividend and 5 per cent as bonus shares subject to the approval of the annual general assembly meeting.-TradeArabia News Service