Mubasher: Burgan Bank on Wednesday said that the bank’s shareholders approved distributing a 12% cash dividend at 12 fils per share for the full fiscal year 2018, along with 5% of capital as bonus shares during a general assembly meeting.
The shareholders also elected a new board of directors for the next three years, the Kuwait-based lender said in a statement.
The board includes Majed Al Ajeel as chairman and Masaud Mahmoud Johar as deputy chairman, the statement added.
“The strong fiscal year 18 performance is also reflected in the continued improvement of its core business metrics where net interest margin (NIM) increased from 2.6% in the fiscal year 17 to 2.9% (FY’18),” Burgan Bank’s CEO Raed Al Haqhaq stated.
Burgan Bank’s profits rose 26.6% to KWD 82.6 million in 2018, from KWD 65.2 million in 2017.
Burgan Bank’s stock increased by 1.15% to end Wednesday’s trading session at 352 fils after 2.53 million shares were exchanged, with a turnover of KWD 886,500.
