DUBAI: Kuwait’s Burgan Bank reported a big drop in fourth-quarter net profit yesterday, with its full-year earnings also significantly lower than the previous period.
The lender, 58-percent owned by conglomerate Kuwait Projects Company, made a net profit of KD2.52m ($8.9m) in the three months to December 31. This compares to KD9.22m in the corresponding period of 2012. Reuters calculated the figure based on financial statements. In a bourse filing yesterday, Burgan Bank reported a 2013 net profit of KD20.1m, 63.8 percent lower than its earnings in the previous year.
Burgan gave no details on why its annual profit was lower.
The lender recommended a cash dividend of seven fils per share and a seven percent bonus share issue for 2013. Reuters
