DUBAI Feb 23 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
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)