Burgan Bank Group issued its financial results for the year 2014, posting a net profit of KWD 61.8 million for the year 2014, while earning per share (EPS) is reported at 37.6 Fils; the second highest bank in Kuwait in Earning per share.

Meanwhile, the operating income increased by 9%; rising from KWD 253.6 million to KWD 275.7 million.

The Board of Directors has recommended a cash dividend of 15 fils and 5% as bonus shares.

Additionally, operating Profits before provisions stood at KWD 153.5 million; reflecting a growth of 9%.

Burgan Bank’s net interest income soared by 12%, while net fees and commission grew by 9% compared to last year.

“Asset quality improved in 2014 as our non- performing assets reducing to 1.5% to gross facilities (net of collaterals) while coverage ratio (net of collateral) has increased to reach 278%.

In 2014 we initiated our capital optimization plan that yielded more than KD300 million in proceeds to adjust for Basel 3 requirements and to further support our growth plans. Our Capital Adequacy ratio stands at 13.5% under Basel 3,” said Chairman of Burgan Bank Group Majed Essa Al Ajeel.

"2014 was a complex year due to the volatility in global markets and regional operating environment, yet again, the focused execution of our strategy confirms that our performance remains solid,” Al-Ajeel concluded, adding “Our diversification strategy remains fruitful as all of our subsidiaries are profitable and contributing to 53% of the group’s revenues."

The report issued by Burgan Bank Group noted that “The consolidated financials encompass the results of the Group’s operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Gulf Bank Algeria, Burgan Bank – Turkey, Bank of Baghdad, Tunis International Bank, in which Burgan Bank owns a majority stake.”

It added “Burgan Bank Group has one of the largest regional branch networks with 235 branches across Kuwait, Turkey, Jordan, Algeria, Iraq, Tunis, Lebanon and Palestine.”