Quotes: 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


Arab Times

  MENA News Headlines
 Oct 22 2016 - Reckless driving: Motorist fined QR10,000Gulf Times
(MENAFN - Gulf Times) A Doha Criminal Court has ordered a young motorist to pay a fine of QR10,000 for causing damage to another vehicle while driving recklessly on a public road. Local Arabic ...

 Oct 22 2016 - UCI World Championship raises profile of cyclingGulf Times
(MENAFN - Gulf Times) The recently-concluded UCI Road World Championships Doha 2016 has raised the profile of cycling in the country, Qatar Chain Reaction (QCR) patron Farhan al-Sayed has said. ...

 Oct 22 2016 - Qatar- Business growth: Ministry issues social media tips for SMEsGulf Times
(MENAFN - Gulf Times) The Ministry of Economy and Commerce (MEC) on Friday issued a series of tips for entrepreneurs and owners of small and medium enterprises (SMEs) about the role of social media ...

 Oct 22 2016 - FM calls for collective action to protect civilians in SyriaGulf Times
(MENAFN - Gulf Times) HE the Foreign Minister Sheikh Mohamed bin Abdulrahman al-Thani has called for collective international action to protect civilians in Syria, who are under constant bombardment ...

 Oct 22 2016 - Qatar- Court reviewing murder caseGulf Times
(MENAFN - Gulf Times) A Doha Criminal Court is reviewing the case of an expatriate man accused of killing his friend, local daily Arrayah reported. According to the charge-sheet, the accused stabbed ...

 Oct 22 2016 - QC provides aid in AleppoGulf Times
(MENAFN - Gulf Times) Qatar Charity has said around 2,000,000 people have benefited from its relief projects, carried out over the past six months in Aleppo (Syria) and its countryside. The relief ...

 Oct 22 2016 - MEC holds seminar to raise awareness about breast cancerGulf Times
(MENAFN - Gulf Times) The Ministry of Economy and Commerce (MEC), as part of its community programmes, organised a seminar to raise awareness about breast cancer under the theme 'Early detection: ...

 Oct 22 2016 - QC to launch new relief drive in YemenGulf Times
(MENAFN - Gulf Times) Qatar Charity (QC) has carried out a field survey in Al Hudaydah, Yemen, to identify the requirements of people living there and alleviate their suffering by launching a relief ...

 Oct 22 2016 - Healing experience of a breast cancer patientGulf Times
(MENAFN - Gulf Times) A breast cancer patient, treated at Hamad Medical Corporation (HMC), has shared her experience and highlighted the excellent care and treatment she received. In connection with ...

 Oct 22 2016 - Katara exhibition displays works inspired by Islamic cultureGulf Times
(MENAFN - Gulf Times) Katara – the Cultural Village, in collaboration with the embassy of Portugal in Doha, has inaugurated a modern jewellery exhibition by a Portuguese artist named ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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