Burgan Bank holds its Annual General Assembly meeting and Shafafiya Investors Forum

Burgan Bank held its annual general assembly meeting and Al Shafafiya Investor’s forum at the Chairman’s Club – Burgan Bank Tower on 31 March 2014. 

General Assembly

During the general assembly meeting, the Bank’s board members presented the Bank’s financial earnings report for the year ended December 31, 2013 and agreed to a payout of 7 fils as cash dividends while also distributing bonus shares of 7% to registered shareholders.

Shafafiya forum

Following the Annual General Assembly Meetings, Burgan Bank held its annual Shafafiya forum which serves as a platform for the bank’s management to present the main events for 2013 as well as its outlook for 2014 to shareholders, partners, as well as institutional investors. 

The strong operating performance during the financial year 2013 delivered a continuous solid underlying growth in all business lines. Given last year’s financial and economic uncertainty, the group managed to maintain its strength and significantly improve underlying profitability, asset quality, liquidity and market position.  

Thanks to the bank’s strategy resilience, focused execution, sound risk management, and charged professional staff, Revenues surged to KD 254 million registering a growth of 33% while Operating Profits before provisions soared to register KD 141 million reflecting a growth of 18% compared to the same period last year. 

Burgan Bank’s Chairman, Mr. Majed Essa Al-Ajeel said: “In 2013, Burgan Bank Group has managed to achieve another year of solid underlying growth. Having won several accomplishments on a local and regional front, I am proud to state that we had met the objective set for 2013 as we generated tangible results for all our stakeholders: shareholders, customers, employees and communities”. 

Burgan Bank’s Group Chief Executive Officer Mr. Eduardo Eguren said, “On a Group level, we were able to maintain a stable speed of growth in all of our subsidiaries. 2013 was a year that proved the strength of Burgan Bank’s operating model and the resilience of its formula. Our core strategy has not changed throughout the year, we have managed to expand on calculated growth plans, adapt to change, remain resilient to a less favorable operating environment and markets volatility, and to deliver; our promises of growing our market share in the core market with profitability, revamping our retail bank, growing our cross business origination and build capabilities have been met.” 

The Shafafiya Forum is an annual event that is held amongst Kuwait Projects Company’s (KIPCO) subsidiaries, and reflects a strong corporate governance practice, which promotes corporate fairness, transparency and accountability. The forum provides an ideal platform to discuss financial reports and outlook as well as market predictions openly with shareholders.