Mr. Majed Essa Al-Ajeel, Burgan Bank’s Chairman, & Mr. Masoud M. J. Hayat, Burgan Bank’s Vice Chairman and Group CEO
Burgan Bank held its 56th Ordinary Annual General Assembly meeting on Tuesday, 05 April 2022 at KIPCO Tower, with a quorum of 79.3%.
The Bank’s Board of Directors submitted to the shareholders the financial results achieved for the year ending on December 31, 2021. The results reflected the Bank’s positive growth in revenue and net income amid improving economic environment. The Bank’s shareholders approved the distribution of dividend of 5 fils per share and 5% stock dividend.
During the meeting, Mr. Majed Essa Al-Ajeel, Burgan Bank’s Chairman stressed the Bank’s resilience demonstrated in the successful maintenance of continuity, quality, and security of services across channels, which translated in a solid growth in its results. The Bank reported robust revenues for the year 2021 reaching KD 234.7 million (+10.3% y-o-y), mainly driven by Kuwait’s strong performance. The Group has also reported increased operating profit that reached KD 139.9 million (+21.1% y-o-y), due to solid topline growth and strong cost control. The cost-to-income ratio improved to 40.4% in 2021, compared to 45.7% in 2020. The Group’s net income reached KD 45.4 million (+34.8% y-o-y) while the earnings per share jumped 47.2% y-o-y to 13.1 fils. The Bank has also successfully raised KD 71.25 million in Q4’21 through a rights issue to support its long-term growth strategy.
Mr. Al-Ajeel also stressed that real recovery in business activity following an unprecedented challenging situation, is positively impacting the country’s economic outlook. Burgan Bank has continued to rely on its well-established institutional and financial foundations to drive its growth plans. The Bank’s platform continues to be driven by the acceleration of banking services digitalization and further investment in technological infrastructure, bringing further support to the long-term transformation journey. These strategic choices are strong enablers of the Bank’s efforts to sustain its competitive edge, grow its market share, deliver on its promise of seamless banking experience and maintain the trust of its customers and shareholders.
Mr. Masoud M. J. Hayat, Burgan Bank’s Vice Chairman and Group CEO, reaffirmed that Burgan Bank owes its strong position to the steady progress achieved in the implementation of its strategic pillars including human capital development, sustainability, digital transformation, and asset reallocation.
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