Quotes: 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.




 


Arab Times




  MENA News Headlines
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help