Mubasher: Burgan Bank will distribute 7% of the capital as cash dividends and 5% bonus shares, upon the ordinary general meeting’s (OGM) approval.
The Boursa Kuwait-listed bank will pay 7 fils per share dividends for FY17, in addition to distributing 5-for-100 shares bonus, according to a recent statement.
During fiscal year 2017, Kuwait'sthird largest lender by assets posted a decline of 4.4% in profits to KWD 65.2 million compared to KWD 68.2 million in FY16.
Burgan Bank’s operational efficiency has improved in FY17 in line with lowering operating expenses by 4% to KWD 109.2 million ($360.2 million), the statement noted.
Operating profits increased by 8% in FY17 to KWD 130.2 million, while insurance cost went down to 0.9%.
International operations accounted for 45% of Burgan Bank’s operating income; the bank operates in Kuwait, Turkey, Algeria, Iraq, and Tunisia with ongoing profitability.
At the stock level, Burgan Bank closed Wednesday’s session 0.72% higher at 280 fils.
