Kuwait's Burgan Bank reported a 59 percent net profit growth for fiscal year 2003 with earnings reaching 20.3 million Kuwaiti dinars ($68 million).
According to Burgan Bank's Chairman of the Board Sheikh Mohammad Jarrah Al-Sabah, the bank made total profits of KD 35.6 million in 2003, a substantial increase over 2002. He hinted that the bank adopted a prudent and conservative policy for the creation of provisions, which totaled KD 14.5 million to meet asset exposures.
Al-Sabah stated that the board has resolved to raise a recommendation to the general assembly for the distribution of 15 percent dividends and give percent bonus shares to shareholders registered in the bank’s records on the date of the general assembly.
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 )