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Burgan Bank likely to record KWD 75m profits in 2017 – Analyst

Burgan Bank likely to record KWD 75m profits in 2017 – Analyst
The bank is projected to distribute 10 fils per share as cash dividends
BURG
BURG
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By: Mohamad Farouk

Mubasher: Burgan Bank is expected to achieve an increase of 10.3% in profits to KWD 75 million in fiscal year 2017 compared to KWD 68 million in the previous fiscal year, capital market analyst Ahmed Jassim Al Qamar told Mubasher on Monday.

The bank is also projected to distribute 10% of capital or 10 fils per share as cash dividends and 5% of capital as bonus shares for FY17, the analyst added.

Lat March 2017, Burgan Bank’s ordinary general meeting (OGM) approved to pay 5% of capital as cash dividends and 5% or 5-for-100 shares to shareholders.

In the first nine months of 2017, Burgan Bank posted a rise of 10.9% in profits to KWD 53.91 million compared to KWD 48.61 million in the same period last year.