Burgan Bank Group Announces 2015 Earnings
Burgan Bank Group announced today its financial year 2015 results. A strong operating & monetary efficiency continues showing a faster than market growth virtually in all signs and mirroring the soundness of Burgan Bank's resistant business model.
Compared to the same duration last year, Operating income grew by 12 % from KD222 million to KD 248 million while Operating Profit before arrangements rose to register KD 133 million showing a growth of 9 %. As an outcome of this strong performance, Burgan Bank Group's net revenue for the year 2015 is up by 23 % reaching KD 76 million while making per share (EPS) is reported at 32.1 Fils.
Mr. Majed Essa Al Ajeel, Chairman of Burgan Bank Group said:" I am glad for the connection of the group's strong efficiency throughout 2015 and the last 5 years. The 2015 set of outcomes indicates that once again, Burgan Bank is well placed amongst the leading performers not just in Kuwait but also in the area.
"2015 was a year of balance sheet optimization for Burgan Bank Group. Enhancing capital through a mix of well prepared and performed efforts that focused on adjusting capital to Basel 3 and to strengthen our platform for continuous development. Our capital ratios by December 31st 2015 stand at 11.7 % for core equity capital (CET1) and a capital adequacy ratio (CAR) of 15.6 %, well above governing levels "
"Asset quality remained to remain in reasonable levels. Non- performing assets (net of securities) stood at 1.4 % to gross facilities while protection ratio (net of security) reached 332 %, very comfortable levels as compared to any benchmarks" Added Mr. Al-Ajeel
Mr. Majed Essa Al-Ajeel included:" We continue to be positive of the way forward as our technique clubbed with a concentrated execution have actually shown successful. The positive prominent signs remain to point to the ideal instructions across the group subsidiaries and we remain to profit of our regional diversity. It is likewise crucial to highlight that such strong hidden efficiency is delivered after taking a preventive arrangements of KD29 million throughout 2015.".
"On behalf of the board, I take this chance to thank our clients and shareholders for their self-confidence in our abilities. I would likewise prefer to thank our executive management team for their management and the excellent execution of the business technique that continues to yield such strong efficiency, and to our staff for their support and dedication," concluded Al Ajeel.
The consolidated financials incorporate the results of the Group's operations in Kuwait, and its share from its regional subsidiaries, particularly Burgan Bank-Turkey, Gulf Bank Algeria, Bank of Baghdad, Tunis International Bank, where Burgan Bank owned and operates a bulk stake. Burgan Bank Group has among the largest local branch networks with over than 180 branches across Kuwait, Turkey, Algeria, Iraq, Tunis and Lebanon.
