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

Kuwait- Burgan Bank posts KD 20.1m net profit in 2013, EPS falls  Join our daily free Newsletter

MENAFN - Arab Times - 01/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Burgan Bank posted a KD 20.1 million Net Profit for the year 2013, a substantial drop from the previous year's KD 55.6 million Net Profit which officials attributed to a sizeable precautionary reserve, and earnings per share decreased from 36 fils in 2012 to 13 fils in 2013. The Bank's board members presented the Bank's financial earnings report for the year ended Dec 31, 2013 at its General Assembly Meeting and agreed to a payout of 7 fils as cash dividends while also distributing bonus shares of 7% to registered shareholders. The consolidated income statement marks a rise in net interest income from KD 118.94 million in 2012 to 165.43 million in 2013 as well as a rise in Net Fee and Commission Income to KD 44.62 million. The operating income swelled to KD 253.5 million in 2013 from KD 118.93 million in 2012 and shareholder's equity dropped off at KD 475.4 million



Total assets amounted to 7.15 billion in 2013 and total liabilities stood at KD 6.53 billion for the same period. Treasury bills and bonds with the Central Bank and others added up to KD 583.64 million, investment securities reached KD 421.4 million and cash and cash equivalents summed KD 1 billion. Loans and advances registered a 17.2 % year on year growth and customer deposits improved by 19.1%. Moreover in continuing improvements in credit and coverage ratio, the Non Performing Assets ratio declined from 5.6% in 2012 to 3.4 in 2013 and the coverage ratio improved from 73% to 123%. "In 2013, Burgan Bank Group has managed to achieve another year of solid underlying growth. Having won several accomplishments on a local and regional front, I am proud to state that we had met the objective set for 2013 as we generated tangible results for all our stakeholders: shareholders, customers, employees and communities", stated Burgan Bank's Chairman, Majed Essa Al-Ajeel



Burgan Bank's Group Chief Executive Officer, Eduardo Eguren, added, "On a Group level, we were able to maintain a stable speed of growth in all of our subsidiaries. 2013 was a year that proved the strength of Burgan Bank's operating model and the resilience of its formula. Our core strategy has not changed throughout the year, we have managed to expand on calculated growth plans, adapt to change, remain resilient to a less favourable operating environment and markets volatility, and to deliver; our promises of growing our market share in the core market with profitability, revamping our retail bank, growing our cross business origination and build capabilities have been met.



Officials relayed that the strong operating performance during the financial year 2013 delivered a continuous solid underlying growth in all business lines and conveyed that given last year's financial and economic uncertainty, the group had still managed to maintain its strength and significantly improve underlying profitability, asset quality, liquidity and market position. Officials attributed the increase in Revenue to KD 254 million, a growth of 33% and the 18% rise in Operating Profits to strategy resilience, focused execution, sound risk management, and charged professional staff. Subsequently, Burgan Bank held its annual Shafafiya forum during which the bank's management discussed financial reports and outlook as well as market predictions with shareholders, partners, as well as institutional investors.



CEO Eguren pointed out that Burgan Bank had sustained high performance with regard to local peers, leading the pack in customer loans growth, customer deposits growth, revenue growth and share price returns. In his outlook for 2014, Eguren remarked that the bank is expected to reach 2% below potential due to continued delays in investment spending and lower oil prices. He noted that while the economic and business environment were less favourable than anticipated, the bank's resilient business model had lead to a significantly improved market position with its diversification strategy paying off. In the coming years, he shared, the bank hopes to leverage its solid position and inertia to maintain and grow its market position, implement Capital Plan to conform to the new Basel III guidelines and continue operating under the principle of prudence in risk and liquidity management

 






  MENA News Headlines
 Jul 24 2014 - Kuwait's KIPCO profit up 20 percent in Q2MENAFN
(MENAFN) Kuwait Projects Co (KIPCO), the Gulf state's largest investment company, saw a 20 percent growth in the second quarter"s net profit, according to Arabian Business.KIPCO said that its net ...

 Jul 24 2014 - Qatar's Ooredoo profit falls 11 percent in Q2MENAFN
(MENAFN) Net profit of the Qatari telecom operator Ooredoo fell by 11 percent in the second quarter of the current year, according to Arabian Business.Ooredoo, which operates in about 15 countries ...

 Jul 24 2014 - Dubai's real estate transactions worth USD30b in H1MENAFN
(MENAFN) Dubai's real estate transactions were estimated at USD30.7 billion in the first six months of the current year although deals slowed in the second quarter, according to Arabian ...

 Jul 24 2014 - Saudi Savola to sell its packaging business to TakweenMENAFN
(MENAFN) Saudi Arabia's Savola Group has signed a non-binding agreement with Takween Advanced Industries 1201.SE to sell its packaging business as it plans to focus on its food and retailing ...

 Jul 24 2014 - Kuwait- His Highness the Crown Prince receives senior officialsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah received, at Seif Palace on Wednesday, former National Assembly Speaker Jassem ...

 Jul 24 2014 - Kuwait oil up 87 cents to USD 105.65 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The price of Kuwaiti crude oil went up 87 cents to USD 105.65 per barrel (pb) on Tuesday against USD 104.78 pb the day before, the Kuwait Petroleum Corporation ...

 Jul 24 2014 - Kuwait invests USD 17 bln in environmental fuel projectKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait is investing over USD 17 billion (KD 4.6 billion) to develop oil refineries as part of the "environmental fuel" project to be launched in 2018.The project, ...

 Jul 24 2014 - Saudi PIF to establish new companiesMENAFN
(MENAFN) Saudi Arabia's Public Investment Fund (PIF) plans to invest in establishing new companies of several sectors, mainly housing, petrochemicals, and technology as part of its plan to expand ...

 Jul 24 2014 - Kuwait- Al-Ghanim urges parliaments to work together on stopping Israeli aggressionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Arab Inter-Parliamentary Union (AIPU) chief Marzouq Al-Ghanim called on international parliaments, particularly those from Security Council permanent member ...

 Jul 24 2014 - Kuwait- His Highness the PM receives "Journey of Hope" membersKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah received at Seif Palace Wednesday Head of the "Journey of Hope", Advisor at the ...

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

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