Kuwait’s Burgan Bank Q4 Net Profit Slumps

Kuwait’s Burgan Bank reported a big drop in fourth-quarter net profit on Sunday, according to Reuters calculations, with its full-year earnings also significantly lower than the previous period.

The lender, 58-per cent owned by conglomerate Kuwait Projects Company, made a net profit of 2.52 million dinars ($8.9 million) in the three months to December 31, Reuters calculated. This compares to 9.22 million dinars in the corresponding period of 2012.

This came in well below the estimates of three analysts polled by Reuters, who forecast on average a net profit of 25.7 million dinars for the period.

Reuters calculated the figure based on financial statements. In a bourse filing on Sunday, Burgan Bank reported a 2013 net profit of 20.1 million dinars, 63.8 per cent lower than its earnings in the previous year.

Burgan gave no details on why its annual profit was lower. However, it had reported a 10.3 million dinars loss in the third quarter.

The lender said it was recommending a cash dividend of seven fils per share and a 7 per cent bonus share issue for 2013.