Kuwait’s Burgan Bank recorded a net profit of 17.6 million Kuwaiti dinars ($59 million) in 2003 with earnings per share reaching 24.9 fils. Profit distribution for the year was recommended at a cash dividend of 15 percent plus bonus shares.
Burgan Bank was established in 1977 with the Kuwaiti government as a founding shareholder. In 1997 the government sold its 60 percent stake in the bank, which resulted in KIPCO, a private sector investment company, becoming the largest shareholder in Burgan Bank with a 42 percent stake.
As it is the newest Kuwaiti commercial bank, it is one of the smallest with a modest network of 15 branches and 13 percent share of the banking system's deposits. — (menareport.com)
© 2004 Mena Report (www.menareport.com )