KUWAIT CITY, April 20: Burgan Bank held its Ordinary and Extraordinary General Assembly meeting and Al Shafafiya Investors forum Wednesday at the KIPCO Tower, where the Board of Directors presented the bank’s financial earnings report for the year ended Dec 31, 2015 and agreed to a payout of 18 fils cash dividends.
The bank closed the financial year 2015 with strong results and realized a solid operating & financial performance which continued reflecting a faster than market growth almost in all indicators, mirroring the soundness of Burgan Bank’s resilient business model and its strategy execution.
Subsequently the following were elected as board members of Burgan Bank for the next three-year term: Masaud M. J. Hayat, AbdulSalam M. Al Bahar, H.E. Abdul Kareem A. Al Kabariti, Pinak P. Maitra, Ahmad Al Sumait, Samer S. Khanachet, Faisal M. Al Radwan, Sadoun Abdulla Ali and Mazen Isam Hawa.
The Board of Directors consequently elected Majed E. Al Ajeel Chairman of Burgan Bank Group and Mohammed A. Al Bisher Vice Chairman.
Following the Annual General Assembly Meeting which was chaired by the Chairman Al-Ajeel, Burgan Bank held its annual Shafafiya forum which serves as a platform for the bank’s management to present the main events for 2015 as well as its outlook for 2016 to shareholders.
CEO of the Bank, Eduardo Eguren presented the figures at the Shafafiya meeting, indicating that compared to the same period last year, Operating income grew by 12% from KD 222 million to KD 248 million while Operating Profit before provisions soared to register KD 133 million reflecting a growth of 9%.
Profit before tax from continuing operations soared by 12% reaching KD 74 million. As a result of this solid performance, Burgan Bank Group’s net profit for the year 2015 is up by 23% reaching KD 76 million while earning per share (EPS) is reported at 32.1 fils.
Highlighting the many achievements Burgan Bank Group accomplished in 2015, Burgan Bank’s Chairman, Majed Essa Al-Ajeel said: “During 2015, the Group proved the strength of its operating module and the resilience of its strategy by launching innovative and first-of-its-kind products, advocated best practices & excellence as well as participating in many corporate social responsibility activities.”
Eduardo Eguren, Burgan Bank’s Group Chief Executive Officer noted that 2015 was a remarkable year on the strategic level for Burgan Bank and said: “The group continued to reap the benefits of its resilient business model, its performance culture and its focused execution. Our core strategy remained constant throughout the year where we managed to expand on calculated growth plans, adapt to change, remain resilient to a less favorable operating environments and markets volatility.”
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.