Kuwait's Burgan Bank Q4 net profit slumps

DUBAI Sun Feb 23, 2014 6:00am EST

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DUBAI Feb 23 (Reuters) - 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 2.52 million dinars ($8.9 million) in the three months to Dec. 31, Reuters calculated. This compares to 9.22 million dinars 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 25.7 million dinars for the period.

Reuters calculated the figure based on financial statements. In a bourse filing on Sunday, Burgan Bank reported a 2013 net profit of 20.1 million dinars, 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 10.3 million dinars 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. ($1 = 0.2819 Kuwaiti dinars) (Reporting by David French; Editing by Olzhas Auyezov)

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