Kuwait's Burgan Bank posts big drop in Q4 net profit

Lender, 58% owned by KIPCO, makes $8.9m in three months to December 31

Kuwait's Burgan Bank reported a big drop in fourth-quarter net profit on Sunday, according to Reuters calculations, with its full-year earnings also significantly lower than the previous period.

The lender, 58-percent owned by conglomerate Kuwait Projects Company, made a net profit of KD2.52 million ($8.9 million) in the three months to December 31, Reuters calculated. This compares to KD9.22 million in the corresponding period of 2012.

This came in well below the estimates of three analysts polled by Reuters, who forecast on average a net profit of KD25.7 million for the period.

Reuters calculated the figure based on financial statements. In a bourse filing on Sunday, Burgan Bankreported a 2013 net profit of KD20.1 million, 63.8 percent lower than its earnings in the previous year.

Burgan gave no details on why its annual profit was lower. However, it had reported a KD10.3 million loss in the third quarter.

The lender said it was recommending a cash dividend of 7 fils per share and a 7 percent bonus share issue for 2013.

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