Forgot your password?



Back to login

Kuwait's Burgan Bank Q4 net profit rises 31 percent
March 20, 2016, 4:24 pm
Share/Bookmark

Burgan Bank, Kuwait's third-largest lender by assets, reported a 31 percent rise in fourth-quarter net profit on Sunday. A unit of Kuwait Projects Co. (KIPCO), Burgan made a net profit of KD17.1 million ($56.88 million) in the three months to 31 December, up from KD13.1 million in the prior-year period, it said in a bourse statement.

An analyst at HSBC forecast the Kuwaiti lender would make a quarterly net profit of KD18 million. Burgan announced on 30 December it was selling a controlling stake in Jordan Kuwait Bank to another subsidiary of parent firm KIPCO, in a transaction it later disclosed was worth KD191.1 million.

The impact of the sale was due to be included in its fourth-quarter numbers. Burgan's 2015 annual profit was KD76.1 million, up from KD61.8 million in the previous year. The lender has proposed paying a 2015 dividend of KD0.018 per share. This compares with a KD0.015 cash dividend and a 5 percent stock dividend for 2014.

The lender in January said it was in the final stages of selecting banks to arrange a KD100 million bond issue. The statement came two days after sources told Reuters that it had picked NBK Capital and KIPCO Asset Management to manage the bond sale.

Share your views
CAPTCHA
 

"It is hard to fail, but it is worse never to have tried to succeed."

"Envy comes from wanting something that isn't yours. But grief comes from losing something you've already had."

Photo Gallery