Middle East Business: Burgan Bank okays 5 fils cash dividend, 5% stocks for 2021 – Gulf Digital News

Middle East Business: Burgan Bank okays 5 fils cash dividend, 5% stocks for 2021 – Gulf Digital News

Burgan Bank, a subsidiary of Kuwait Projects Company (Kipco) and the country's second largest commercial bank by assets, said its shareholders have approved the distribution of cash dividends of 5 fils per share and 5% stock for FY 2021.

The announcement was made at Burgan Bank's 56th Ordinary Annual General Assembly meeting held today (April 5) at Kipco Tower, with a quorum of 79.3% where the 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.

Lauding the solid performance, Chairman Majed Essa Al Ajeel said it showed the bank’s resilience amid pandemic through 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 FY 2021 with a 10% year-on-year (y-o-y) growth to hit KD234.7 million ($776.53 million), mainly driven by 46% y-o-y growth in non-interest income.

The group also reported an increased operating profit that surged to KD139.9 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