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Burgan Bank plans 12 fils/shr dividends

Burgan Bank plans 12 fils/shr dividends
Burgan Bank witnessed a 3% growth in annual net income last year
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Mubasher: Burgan Bank achieved a 3% year-on-year (YoY) growth in net income to KWD 84.7 million for 2019, as shown by last year’s annual financial results, thereby generating shareholders returns of 10%.

Annual revenues registered KWD 248.2 million, while the bank’s loan book grew by 8% in Kuwait and 1% in the subsidiaries market, according to a press release by the bank on Saturday.

Moreover, the bank reported common equity tier 1 ratio (CET1) of 11.5% and a capital adequacy ratio (CAR) of 16.8%.

Accordingly, the bank’s board of directors proposed cash dividend to shareholders for 2019 at 12 fils per share, subject to the approval of the annual general assembly meeting.

Chairman of Burgan Bank group, Majed Essa Al Ajeel, said: “During 2019, one of the Group’s major achievements was the successful issuance of USD 500mn Tier 1 capital securities. The issuance was very well received by the global investor community and the strong subscription levels and attractive pricing demonstrated strong investor confidence in Burgan.”

Kuwait operations has had another strong year with improvements across the key metrics. The Kuwait Revenues grew by 7% while its loan book grew by 8%. Kuwait’s cost to income ratio improved to 27.6% and its cost of credit improved to 50bps while its NPL ratio was stable at 1.6%,” noted Raed Al-Haqhaq, deputy group CEO and Burgan Bank Kuwait CEO.