Burgan Bank held its Ordinary and Extraordinary General Assembly and Al Shafafiya Investors forum yesterday at the KIPCO Tower, where the Board of Supervisors provided the bank's economic revenues record for the year finished December 31, 2017 and consented to pay a money returns of 7% and 5% in benefit shares.
The bank closed the financial year 2017 validating a strong financial and operational position in your area and regionally. Burgan Bank's strong efficiency is a straight outcome of the resistant business design and focused implementation.
Following the Yearly General Assembly Conferences, Burgan Bank held its annual Shafafiya forum which works as a platform for the bank's management to present the main events for 2017 to investors.
During Shafafiya, The Group Chief Executive Officer, highlighted to the shareholders and examined the collection of results for the period ending in 31st December 2017 which showed Burgan Bank's continuous focus on taking full advantage of returns for investors, delivering high quality incomes, improving operating performances, and to further improve property high quality and risk account. Reported net income for the year 2017 got to KD65.2 million (USD214.9 million). Profits per share got to 25.4 fils.
On underlying bases, Burgan Bank take-home pay (excluding preventive stipulations & after AT1 expense) got to KD76.2 million (USD251.4 million) and return on concrete equity (ROTE) got to 12.5% for complete year 2017.
In 2017, Running revenue grew by 2% year- on- year to reach KD239.4 million (USD789.8. million). Running efficiency continued to improve with operating expense declining by 4% to get to KD109.2 million (USD360.2 million). The excellent quality incomes clubbed with throughout the board performances, made it possible for the bank to grew its operating profit by 8% year-on- year to reach KD130.2 million (USD429.5 million). Asset quality registered significant improvement with Non-performing loans (NPL) proportion decreased to reach 2.7% with Protection proportion of 155% and a reduced expense of credit that got to 0.9%.
All the group's subsidiaries in Kuwait, Turkey, Algeria, Iraq & Tunis are expanding, successful and well capitalized. International Procedures are contributing 45% of the Group's operating earnings.
The Shafafiya Forum is a yearly event that is held amongst Kuwait Projects Company’s (KIPCO) subsidiaries, and mirrors a solid company administration and investor connections practices, which advertises company fairness, openness and accountability. The forum offers an ideal platform to talk about financial records and expectation along with market predictions freely with shareholders.