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

MENAFN - Arab Times - 01/04/2014
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(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


Arab Times

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