KUWAIT, April 1 (KUNA) -- Burgan Bank's general assembly on Saturday approved distribution of cash profits at a rate of eight fils in addition to stock grants for the fiscal year 2022.
Sheikh Abdullah Nasser Al-Sabah, the bank Chairman, in a statement during the session, underscored significant growth of the bank operations, mirrored in the key indexes. He indicated that the growth was the result of robust rise in the net income interest, by 15 percent on annual basis, while the whole net income climbed to KD 52.1 million (USD 171,9 million).
The bank solvency amounted to 16.8 percent, he said, noting proportion of bad loans reached 1.9 percent while allocations' fees hit 70 percent in 2022.
Recent sale of the bank branch in Baghdad will decrease the bad loans and hike the capital, Sheikh Abdullah noted.
Meanwhile, the bank deputy chairperson, Masud Hayat, affirmed in a statement during the assembly session keenness on investing in national cadres due to their vital role in executing the bank digitization project. (end)