Wednesday, August 11, 2010

Burgan Bank - KD6.8 Million Loss for First Six Months 2010

Burgan announced its 1H10 results on the KSE this morning.  Arabic text below.

The headline is the loss of KD6.856 million versus a profit of KD11.748 million in 1H09.   No explanation for the loss.

A couple of other points:
  1. In case you're wondering the KD100 million or so increase in Shareholders' Equity to KD531.28 million is largely accounted for by the KD100.8 million rights offering BB undertook in 2Q10.  
  2. The other bit of information here is that the Central Bank approved Burgan's financials 10 August 10 - which suggests there may have been differences (perhaps "creative") between the CBK and BB over the exact income number to report.
While Burgan participates in the legendary KIPCO Group Shafafiyah program don't hold your breath waiting for a set of quarterly financials.  What you'll get instead is a two-page press release, a large portion of which is occupied by a picture of the Chairman.  By all accounts a splendid looking fellow! Or an investor presentation with a few metrics.  Apparently, the operative theory apparently being that investors in Kuwait can't deal with more than one or two facts which must be presented with lots of colors and pictures.

On that topic, since Burgan's regulator the Central Bank of Kuwait sets the financial reporting "standards" for Kuwaiti banks (I use the term "standards" because AA is always charitable), apparently a view shared by the authorities.

[9:51:28]  بلغت (خسارة) (برقان) (6.8) مليون د.ك لل6 أشهر المنتهية في30-6-10 ‏
يعلن سوق الكويت للأوراق المالية أن مجلس ادارة بنك برقان قد
اعتمد البيانات المالية المرحلية للبنك للفترات المنتهية  في 30-06-2010،
وفقا لما يلي:‏
ِ1) الفترات الحالية:‏
البند      ال3 أشهر المنتهية في 30-06-10    ال6 أشهر المنتهية في 30-06-10‏
الربح (الخسارة)(د.ك)     (8.730.000)                   (6.856.000)‏
ربحية السهم(فلس كويتي)         (7.4)                                (5.7)‏
اجمالي الموجودات المتداولة      -                          2.572.566.000‏
اجمالي الموجودات               -                         4.056.517.000‏
اجمالي المطلوبات المتداولة       -                       3.392.630.000‏
اجمالي المطلوبات                -                         3.525.269.000‏
اجمالي حقوق المساهمين          -                        531.248.000‏
علما بأن بنك الكويت المركزي قد وافق على هذه البيانات المالية بتاريخ ‏
يوم الثلاثاء  الموافق 10-08-2010.‏
بلغ اجماليى الايرادات من التعاملات مع الاطراف ذات الصلة مبلغ 4.446‏
د.ك .‏
بلغ اجمالي المصروفات من التعاملات مع الاطراف ذات الصلة مبلغ 2.756 د.ك .‏
ِ2) الفترات المقارنة:‏
البند      ال3 أشهر المنتهية في 30-06-09    ال6 أشهر المنتهية في 30-06-09‏
الربح(د.ك)               760.000                       11.748.000‏
ربحية السهم(فلس كويتي)     0.7                                      10.9‏
اجمالي الموجودات المتداولة     -                            2.056.457.000‏
اجمالي الموجودات              -                 ‏
اجمالي المطلوبات المتداولة     -                           2.566.220.000‏
اجمالي المطلوبات              -                            3.713.497.000‏
اجمالي حقوق المساهمين       -                            427.585.000‏

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