Kuwait's Burgan Bank has announced improved financial results for the year ended December 31st, 2010. The bank posted KD 4.7 million (US$15.6 million) of net profit. The fourth quarter results amounted to KD 7.7 million, doubling third quarter results of KD 3.8 million and showing a strong trend performance. The bank has reported operating profit of KD 99 million for the year.
The Board of Directors recommended 5% free Bonus shares subject to the approval of the Annual General Assembly.
Commenting on the Bank’s results, Mr. Majed Essa Al-Ajeel, Burgan Bank’s Chairman, said: “Burgan Bank’s latest financial results reflect a positive turnaround in profitability. The second half of the year was a turning point in the bank’s operations, whereby our regional diversification strategy has helped to place us on very solid grounds to meet the opportunities ahead. The results, which also include the bank’s consolidated share of income from our regional banking subsidiaries, Bank of Baghdad, Gulf Bank Algeria, Jordan Kuwait Bank and Tunis International Bank, continue to record increasing growth trends.”