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Kuwait’s Burgan Bank Q4 Net Profit Jumps

Kuwait’s Burgan Bank Q4 Net Profit Jumps

The lender reported a 424 per cent rise in fourth-quarter net profit.

Burgan Bank, Kuwait’s third-largest lender by assets, reported a 424 per cent rise in fourth-quarter net profit on Tuesday.

Burgan, a unit of Kuwait Projects Co (KIPCO), made a net profit of KD13.1 million ($44.3 million) in the three months to Dec. 31, up from KD2.5 million in the same period a year earlier, Reuters calculated based on the bank’s financial statements.

Global Investment House and EFG Hermes forecast Burgan Bank would make a quarterly profit of KD12.2 million and KD15.6 million respectively.

Like other Kuwaiti lenders, Burgan Bank has sought to raise capital to meet Basel III global banking industry rules. In November, it launched a KD102.6 million rights issue to fund growth plans and boost its capital base.

Burgan’s 2014 annual profit was KD61.8 million, up from KD20.1 million in 2013, according to a company statement.

The lender also proposed a 2014 dividend of KD0.015 per share, plus five per cent bonus share issue.

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