Burgan Bank distributes dividends of 7 fils per share

The General Assembly of Burgan Bank Group approved, during its regular annual meeting on Monday, a recommendation of Board of Directors to distribute cash dividends amounting to KD 0.007 (seven fils) and seven percent bonus shares among shareholders. Board Chairman Majed Essa Al-Ajeel briefed the meeting on the financial results of last year, saying the Group was able to continue growth in its main activities despite the global financial and economic challenges. "The strong operating performance during the financial year 2013 delivered a continuous solid underlying growth in all business lines. Given last year''''s financial and economic uncertainty, the group managed to maintain its strength and significantly improve underlying profitability, asset quality, liquidity and market position," he pointed out. "Thanks to the bank''''s strategy resilience, focused execution, sound risk management, and charged professional staff, Revenues surged to KD 254 million registering a growth of 33 percent while Operating Profits before provisions soared to register KD 141 million reflecting a growth of 18 percent compared to the same period last year. "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," Al-Ajeel added. Meanwhile, the Group''''s CEO Eduardo Eguren said: "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 favorable 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," Eguren affirmed. Established in 1977, Burgan Bank is the youngest commercial Bank and third largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail, and private bank customer base.