Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Burgan Bank's operating income rises to KD 254m   Join our daily free Newsletter

MENAFN - Arab Times - 25/02/2014

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Burgan Bank Group announced its financial year 2013 results. A solid growth in the underlying performance and a significant improvement in the asset quality has characterized the group's performance in 2013 amid the complexity in the regional operating environment. Compared to the same period last year, Operating income surged to KD 254 million registering a growth of 33% while Operating Profits before provisions soared to register KD 141 million reflecting a growth of 18%. The solid consistent growth over the past quarters clubbed with the positive leading indicators, enabled the bank to accelerate the reserves build up out of prudence. Reserves outstanding in 2013 reached KD 232.5 million. The Group's net profit for the year 2013 reported at KD 20.1 million. The board of directors has recommended a pay-out of 7 fils in cash dividends and 7% in bonus shares.

The strong operating performance during the financial year 2013 delivered a continuous solid growth in all business lines. Loans & Advances up to KD3.95 billion while customers deposits grew to KD4.6 billion registering annual growth of 17% & 19% respectively. Net interest income grew by 39% while net fees and commission grew by 17% compared to last year. Majed Essa Al Ajeel, Chairman of Burgan Bank Group said: "2013 was a complex year due to the uncertainty that faced the regional operating environment, yet again; every analysis confirms that our underlying performance remains solid and is enabling us to parapet reserves to further enhance our asset quality and build a strong war chest against any surprises. Hence, the decision to book KD 52.6 million as a precautionary reserves, a step that is highly encouraged by the Central Bank of Kuwait."

"Asset quality improved in 2013. A significant drop registered in non- performing assets to reach 1.6% to gross facilities (net of collaterals) while coverage ratio has increased to reach 256%. Capital Adequacy ratio at end of December 2013 reported at 15.4%". Add Al-Ajeel. Majed Essa Al-Ajeel also said: "Our leading financial indicators continue to point to the right direction. Our regional operations remain profitable and contributing 54% to the group's revenues. I remain confident and optimistic of the group's strong performance going forward. "

"On behalf of the board, I take this opportunity to thank our customers and shareholders for their confidence in our capabilities. I would also like to thank our executive management team for their leadership and the excellent execution of the corporate strategy, and to our staff for their continued support and commitment," concluded Al Ajeel. The consolidated financials encompass the results of the Group's operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Gulf Bank Algeria, Burgan Bank - Turkey, Bank of Baghdad, Tunis International Bank, in which Burgan Bank owns a majority stake. Burgan Bank Group has one of the largest regional branch networks with more than 231 branches across Kuwait, Turkey, Jordan, Algeria, Iraq, Tunis, Lebanon and Palestine.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help