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Annual Review 2015

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Annual Review 2015 ANNUAL REVIEW 2015 The KIPCO Group is one of the biggest Dar al-Athar al-Islamiyyah, one of Kuwait’s leading cultural holding companies in the Middle East and organizations, was created to manage activities related to North Africa, with consolidated assets of The al-Sabah Collection. The collection includes one of the US$ 32 billion as at 31 December 2015. world’s finest assemblages of arts from the Islamic world. The Group has significant ownership The collection consists of over 30,000 priceless objects, interests in over 60 companies operating including manuscripts, scientific instruments, carpets, across 24 countries. The group’s main fabrics, jewelry, ceramics, ivory, metalwork and glass from business sectors are financial services, countries such as Spain, India, China and Iran. media, real estate and manufacturing. Through its core companies, subsidiaries This year, the annual reports of KIPCO Group companies and affiliates, KIPCO also has interests in each feature a key ancient carpet from The al-Sabah the education and medical sectors. Collection. The images used within the reports reflect KIPCO’s commitment to protecting and promoting Kuwait’s heritage, while helping to build the nation’s future. The item pictured here (LNS 75 R) is a Transylvanian carpet made out of wool. The item was made in Transylvania (present day Romania) during the 18th century CE. The image is reproduced with the kind permission of The al-Sabah Collection, Dar al-Athar al-Islamiyyah. Welcome to our Annual Review for the year 2015 Welcome to our Annual Review for the year 2015, a year Magazine: ‘Best Domestic Retail Bank of the Year’ for the of optimization and agility where our prudent strategy and third consecutive year, ‘Best Credit Card Initiative of the focused execution have enabled the Group to continue Year in Kuwait’, “Best Advertising campaign of the Year in delivering for the fifth year in a row. Kuwait” and ‘Kuwait Domestic Cash Management Bank of the Year’ for the second consecutive year. The Bank also During 2015, Burgan Bank Group has worked on won the ‘Best Treasury and Cash Management Provider in optimizing its capital and enhancing its performance Kuwait’ award by Global Finance Magazine, the ‘Best Co- culture which enabled it to continue to build on previous Branded Credit Card’ award from The Banker Middle East performances and to deliver despite complex operating Kuwait Product Awards 2015, ‘Quality Recognition Award’ environments with less favorable economic and for the year 2014 from J.P. Morgan and the ‘Elite Quality geopolitical conditions as well as the adjustment to new Recognition Award’ for the year 2015 from J.P. Morgan. regulatory requirements. Burgan Bank Group’s performance reflects its high Burgan Bank Group reported revenues growth of 12% commitment to all its stakeholders; shareholders, reaching KD248 million, 12% growth in profit before tax customers, communities, and employees. The Group from continuing operations reaching KD74 million. As a aims at achieving calculated and smart growth through result, Burgan Bank Group achieved net profit growth of excellence, high standards of achievements, and sound 23% reaching KD76 million. Underlying Return on equity flexible strategies. Supported by a strong talented and stood at 14.2% and underlying return on tangible equity diverse team of banking professionals, Burgan Bank stood at 19%. This higher than the market growth levels Group is well poised for future success and growth. have been achieved even after taking KD29 million in precautionary reserves during 2015, 16% higher than We assure the explanations in the report are approved by reserves booked during 2014. the board of directors and are comprehensive and based on the published financial statements of the bank and the The group solid performance was highlighted management’s vision. internationally as 2015 yielded much recognition for the Bank’s performance from multiple reputable international Burgan Bank Group organizations on both local and regional fronts. The Bank has won four awards by The Asian Banking & Finance Members of the Burgan Bank Group H.H. Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Amir of the State of Kuwait H.H. Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Crown Prince of the State of Kuwait This year, the annual reports of KIPCO Group companies each feature a key ancient carpet from Dar al-Athar al-Islamiyyah - one of the world’s finest collections of Islamic art. These images are reproduced with the kind permission of The al-Sabah Collection, Dar al-Athar al-Islamiyyah. Contents Welcome Message 2 Executive Summary 2015 8 Financial Highlights 10 Chairman’s Statement 14 GCEO’s Statement 18 Review of the Year – Kuwait Operation 22 Corporate Social Responsibility Report 25 Corporate Governance and Disclosures 35 Management Team 49 Financial Review 57 EXECUTIVE SUMMARY Executive Summary 2015 Key highlights in 2015 Burgan Bank Group Established in 1977, Burgan Bank is the youngest Capital Optimization to adjust to Basel III commercial Bank, the second largest by assets, and maintain growth momentum. and one of the most diverse banking groups in Kuwait. The Group is known for its strong position Sale of Jordan Kuwait Bank and and distinct offering in the corporate and private allocation of capital to faster growth banking and financial institutions sectors, as well as having a growing retail bank customer base. markets. Burgan Bank has four majority owned subsidiaries, Solid Operating performance with high which include Burgan Bank – Turkey, Gulf Bank adaptability to external pressures. Algeria - AGB (Algeria), Bank of Baghdad - BOB (Iraq & Lebanon), and Tunis International Bank - Internationalization of business lines TIB (Tunisia), (collectively known as the “Burgan through expanding footprint. Bank Group”). Continuation of Group synergies to optimise opportunities. Strong Market Position in core market and steadily growing and profitable subsidiaries. Burgan Bank 2015 ratings Rating agency Rating highlights Moody’s Bank deposit rating A3 Fitch Long term Issuer default rating A+ Standard & Poor’s Long term counterparty credit rating BBB+ Capital Intelligence Long term issuer rating (Foreign currency) A- 8 2015 financial results summary Stemming from its resilient business model and focused register KD 133 million also reflecting a growth of 9% year execution, high performance culture, simple and agile on year. Net income grew by 23% reaching KD76 million structure, Burgan Bank Group developed a flexible and earnings per share reached 32.1 fils. approach to optimize its performance and maximize its Burgan Bank Group is on the right trajectory, well financial delivery amid increasingly unfavorable operating equipped to face headwinds resulting from external environments and new tighter regulatory conditions. pressures and volatilities. Our prudent approach and well We continued to fulfill our promises as we conclude 2015. executed strategy have helped us build a resilient model We generated tangible results which enable us to continue that is proven successful. to build on our previous performances whilst preparing for During 2016, we aim at continuing to optimize inter- 2016 and beyond. During 2015, in order to fulfill Basel III group opportunities, internationalization of our business requirements and to strengthen our growth platform, we arms, and focusing on smart targeting. We always eye took various capital optimization steps which included the opportunities that will help us in sustaining a long term sale of our stake in Jordan Kuwait Bank “JKB”, the recall growth model whilst protecting our risk culture. The Group of our USD bonds, gaining regulatory approvals to issue plans on continuing to focus on smart diversification by a Basel III qualified tier 2 bond, and sale of our treasury growing the regional franchises and to continue gaining shares. market share with profitability in the core market - Kuwait. As a result of this optimization plan, capital has been The 2015 Annual Report provides shareholders with adjusted to levels well above Basel III requirements with an overview of the Group’s financial and business Core Equity capital at 11.7% and capital adequacy ratio performance highlights as well as financials and of 15.6% at the end of December 31st 2015. This carefully disclosures. planned and well executed capital optimization strategy will enable the group to continue its targeted growth A copy of the annual report can be obtained from strategy without the need to raise capital for the next few www.burgan.com, or also, if you would prefer to receive years. a printed copy of the annual report, please contact us on +965 2298 8000 or send an email to [email protected] The Group’s performance remains solid with operating income surging to KD248 million registering a growth of 12% while operating profits before provisions soared to 12% 23% Revenues Net Profit Growth Growth 9 Financial Highlights Burgan Bank Group demonstrated a solid operating & 2015 was a year of balance sheet optimization for financial performance continuing to reflect a faster than Burgan Bank Group; Optimizing capital through a mix market growth almost in all indicators which mirrors the of well planned and executed initiatives that aimed at soundness of Burgan Bank’s resilient business model and adjusting capital to Basel 3 and solidifying the platform focused strategy execution. for continuous growth. The Group’s capital ratios by December 31st 2015 stand at 11.7% for core equity Compared to the same period last year, Operating capital (CET1) and a capital adequacy ratio (CAR) of income grew by 12% from KD222 million to KD 248 15.6%, capital ratios that are well above regulatory levels. million while Operating Profit before provisions soared to register KD 133 million reflecting a growth of 9%. Profit Asset quality maintained at reasonable levels. before tax from continuing operations soared by 12% Non- performing assets net of collateral stood at 1.4% reaching KD 74 million. Net profit for the year 2015 grew to gross facilities while coverage ratio net of collateral by 23% reaching KD 76 million while earning per share reached 332%, very comfortable levels compared to (EPS) is reported at 32.1 Fils.
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