DUBAI: Burgan Bank, Kuwait's third-largest lender by assets, reported a 424 percent rise in fourth-quarter net profit on Tuesday.
Burgan, a unit of Kuwait Projects Co (KIPCO), made a net profit of 13.1 million dinars ($44.3 million) in the three months to Dec. 31, up from 2.5 million dinars in the same period a year earlier, Reuters calculated based on the bank's financial statements.
Global Investment House and EFG Hermes forecast Burgan Bank would make a quarterly profit of 12.2 million dinars and 15.6 million dinars respectively.
Like other Kuwaiti lenders, Burgan Bank has sought to raise capital to meet Basel III global banking industry rules. In November, it launched a 102.6 million dinars rights issue to fund growth plans and boost its capital base.
Burgan's 2014 annual profit was 61.8 million dinars, up from 20.1 million dinars in 2013, according to a company statement.
The lender also proposed a 2014 dividend of 0.015 dinars per share, plus 5 percent bonus share issue.
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