Burgan Bank Group operating profits grow 15% in 2011

Burgan Bank Group announced in a press release on Saturday, significantly improved financial results for the year ended Dec. 31, 2011. The group posted 50.6 million Kuwaiti dinars net profit, 10 times increase from the same period of 2010 reported at KD 4.7 million. Results reflect a successful turnaround process that delivered a robust financial year. The bank has restored its pre-crisis profitability levels, and its regional subsidiaries have also recorded profits and continue to be on a growth trajectory. The Board of Directors recommended a payout of 10 Kuwaiti fils as a cash dividend and five percent as bonus shares subject to the approval of the annual general assembly meeting. Burgan Bank Group's operating profits grew 15 percent from last year to reach KD 102 million, in 2010, operating profits reported at KD 89 million excluding a one time consolidation gain of KD 11 million. Earnings per share (EPS) stood at 35.3 fils compared to 3.4 fils for the same period in 2010. The consolidated financials include the results of the bank's operations in Kuwait, as well as its subsidiaries, namely, Bank of Baghdad, Gulf Bank Algeria, Tunis International Bank, and Jordan Kuwait Bank, in which Burgan Bank has a majority stake. Majed Essa Al-Ajeel, Chairman of Burgan Bank said, "The group's performance during 2011 reflects the prudent approach we have been adopting as well as our focus on strategic goals. We have been able to build up a total of KD 16 million in provisions, and realizing the positive returns of the well-executed corporate strategy.