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Burgan Bank posts 11% revenue-hike in 12M

Burgan Bank posts 11% revenue-hike in 12M
The bank’s earnings per Share (EPS) went up 28.1%
BURG
BURG
-0.96% 207.00 -2.00

Mubasher:  Burgan Bank Group has reported a 10.8% year-on-year increase in revenue during the full year 2018, recording KWD 265.3 million ($878.1 million).

Net Income soared 26.6% to KWD 82.6 million last year, compared to KWD 65.2 million in the year before, according to a bank statement released on Tuesday. 

Moreover, the bank’s earnings per Share (EPS) went up 28.1% to 31 fils in 2018.

“Burgan’s record profits in 2018 were achieved through leveraging its operating capabilities and through tactical optimisation of resources,” Burgan Bank’s chairman Majed Essa Al Ajeel said.

The board of the Kuwait-listed bank recommended the distribution of 12 fils per share in cash dividends, along with 5% bonus shares.

“During 2018 Burgan achieved two key milestones, first by successfully completing its capital ceiling increase process, whereby Burgan raised KD 62.55 million of equity by issuing 240.58 million shares. Second, the issuance of the KD 100 million bonds in the local market,” Al-Ajeel said.

Burgan Bank achieved a year-on-year growth of 32% in profits to KWD 71 million ($235 million) during the first nine months of 2018.