Kuwait: Burgan Bank KPSC (“Burgan Bank” or “the Bank”) held its 62nd Annual General Assembly meeting on Saturday, March 28, 2026 at its headquarters, with a quorum of 83.122 percent of shareholders present, exceeding the minimum threshold of more than 50 percent as prescribed by regulatory guidelines and the Bank’s bylaws.

During the meeting, shareholders reviewed the Bank’s financial results and operational performance for the fiscal year ended 31 December 2025, and approved the distribution of cash dividend of 6 fils per share, in addition to bonus shares of 5 percent (five shares for every 100 shares owned), in line with the Bank’s commitment to delivering sustainable returns to its investors while maintaining strong capital and liquidity levels.

Fostering growth momentum

For the year ended December 31, 2025, Burgan Bank reported stable net profit of KD 47 million, supported by total revenues of KD 268 million (+17 percent y-o-y), driven by broad-based growth across both interest and non-interest income streams. The Bank’s total assets reached KD 9.1 billion (+12 percent y-o-y), while the loans portfolio expanded to KD 4.8 billion (+8 percent y-o-y), and customer deposits grew to KD 5.5 billion (+11 percent y-o-y). Burgan Bank maintained very strong asset quality, with a non-performing loan (NPL) ratio of just 1.9 percent and a prudent NPL coverage ratio of 239 percent. The Bank also sustained healthy liquidity and capital ratios well above regulatory requirements, underlining its financial resilience and disciplined risk management.

Speaking at the General Assembly, Sheikh Abdullah Nasser Al-Sabah, Chairman of Burgan Bank, highlighted the Bank’s healthy financial performance during the year, saying: “Burgan Bank’s performance in 2025 reflects the disciplined execution of a clear strategy focused on strengthening our core franchise, maintaining prudent risk management, and building long-term resilience.”

He further added: “While global and regional markets continued to face uncertainty, the Bank demonstrated its capability to achieve stable profitability and maintain solid asset quality. Our continued investments in transformation, technology, human capital, and responsible growth position Burgan Bank to capture new opportunities while delivering sustainable value for our shareholders.”

The Chairman also highlighted the Bank’s strategic progress and operational excellence throughout the year, noting that these achievements position Burgan Bank for continued growth and long-term shareholder value.

Burgan Bank continued to advance its strategic priorities in 2025, focusing on scaling its core operations in Kuwait while pursuing selective growth internationally.

Reflecting on the year, Tony Daher, Group Chief Executive Officer of Burgan Bank, said: “Throughout 2025, we focused on strengthening our core franchise in Kuwait while advancing our transformation agenda and pursuing disciplined growth opportunities internationally. By deepening client relationships, expanding and diversifying our portfolio, and innovating our products and services, we reinforced the Bank’s foundations to capitalize on emerging opportunities and positioned it to deliver sustainable, long-term value across all key markets.”

In Kuwait, Burgan Bank delivered strong performance across its business lines, with Corporate Banking continuing to be the key driver of growth, supported by deeper client engagement, broader portfolio diversification, and expansion into emerging sectors. In Private Banking and Wealth Management, the Bank strengthened its advisory-led model for high-net-worth clients, offering tailored solutions, faster execution, and improved service integration. Retail Banking sustained strong momentum through targeted lending, product innovation, and service enhancements, driving growth in consumer lending and card portfolios while maintaining a high standard of customer experience.

Across its international markets, Burgan Bank pursued a disciplined, risk-calibrated growth strategy, emphasizing diversification, operational resilience, and efficiency. Despite macroeconomic and geopolitical challenges, the Bank’s international franchises made steady progress, supporting sustainable performance and long-term value creation.

Expanding regional footprint

During the year, Burgan Bank successfully completed the acquisition of United Gulf Bank (UGB) in Bahrain and fully integrated its operations, marking an important milestone in the Bank’s regional expansion strategy. The integration included recapitalization measures, operational enhancements, and the revitalization of UGB’s standalone banking platform, strengthening its financial position, creating new lending opportunities, and unlocking long-term value.

Concurrently, the partnership with Kamco Invest–in which UGB holds a 60 percent stake– continued to generate tangible results. Ongoing collaboration between Kamco Invest and Burgan Bank’s teams, particularly in Kuwait, has enhanced the Bank’s product offerings, strengthened client solutions, and expanded cross-selling opportunities across the Private Banking and retail segments, while also creating additional avenues to support and grow the Bank’s investment portfolio.

Collectively, these initiatives have broadened Burgan Bank’s footprint across the GCC, reinforced its capabilities, generated new revenue streams, and supported sustainable regional growth, underlining the Bank’s commitment to delivering long-term value for shareholders and clients alike.

Building a stronger funding

During 2025, Burgan Bank successfully issued a $500 million five-year senior unsecured bond under its $1.5 billion Euro Medium Term Note program. The bond, carrying a fixed coupon of 4.875 percent (115 basis points above US Treasuries), attracted strong global interest, with subscriptions reaching nearly four times the issue size at approximately $1.9 billion. The issuance strengthened the Bank’s funding flexibility, enhanced liquidity, broadened its international investor reach, and supported strategic growth across Kuwait and the wider region.

During the year, the Bank also launched a $500 million Certificates of Deposit program in Kuwait, structured with top-tier global partners, with Mizuho serving as lead arranger. This short-term funding instrument is designed to diversify funding sources and enhance balance sheet efficiency. The program received strong interest from institutional investors, with around $200 million outstanding at year-end, contributing to additional liquidity and operational flexibility.

Furthermore, Burgan Bank raised its authorized capital by KD 200 million to KD 600 million following approval from the Extraordinary General Assembly. This increase in authorized capital provides the Bank with the capacity to raise equity in the future through the issuance of new shares to sustain its growth momentum and ensures continued compliance with regulatory requirements.

Commenting on the Bank’s successful funding initiatives, Daher said: “Our successful return to the international debt markets and the introduction of innovative funding instruments demonstrate Burgan Bank’s strong financial positioning and strategic foresight. These initiatives not only strengthen our liquidity and funding flexibility but also position us to capture growth opportunities across Kuwait and the region while delivering sustainable value for our stakeholders.”

Building a scalable digital banking ecosystem

Digital transformation remained a cornerstone of Burgan Bank’s strategy during 2025, driving operational efficiency, innovation, and enhanced customer experiences across all markets. Guided by a customer-centric philosophy, the Bank made significant investments to strengthen its technology infrastructure and core capabilities, creating a secure, scalable, and agile foundation that supports both sustainable growth and superior service delivery.

Daher commented on the matter saying: “Digital transformation is central to how we enhance customer experience and build a more agile, future-ready bank. By investing in advanced technologies and innovative platforms, we are streamlining operations, empowering businesses, and delivering seamless banking solutions that meet the evolving needs of our customers across all our markets.”

In 2025, the Bank launched a digital trade finance platform, enabling corporate clients to issue and amend letters of credit and guarantees entirely online through the TBS Online platform, further streamlining processes and accelerating transaction turnaround. It also introduced SoftPOS, a mobile payment solution that allows merchants to accept card payments directly through smartphones, eliminating the need for traditional POS devices and empowering small businesses and mobile vendors with greater flexibility and convenience. Burgan further reinforced its digital backbone through the deployment of SAP solutions, the ongoing upgrade of its core banking platform in partnership with TCS, and the launch of a dedicated Investor Relations mobile application providing real-time access to financial disclosures and shareholder information.

Across the Bank’s international network, digital platforms also continued to grow, with the ON platform in Turkey reaching approximately 1.5 million customers in just four years since its launch in September 2021. The Bank’s franchises in Algeria and Tunisia have also made significant progress in digital adoption, enhancing operational processes and customer experiences to deliver seamless, secure, and innovative banking solutions.

Investing in human capital

Developing human capital remained a strategic priority for Burgan Bank throughout 2025. The Bank continued to invest in building future-ready capabilities through leadership and development programs such as Ro’ya and Empower Her, designed to support employee growth, leadership readiness, and inclusive talent development. Burgan also maintained one of the highest Kuwaitization rates in the sector at 83.8 percent, significantly exceeding regulatory requirements, with Kuwaiti nationals accounting for the majority of new hires and promotions during the year. These efforts were recognized by the Public Authority of Manpower for achieving strong national talent development and localization outcomes.

The Bank also expanded its investment in learning and development through initiatives such as sponsoring Academy X – Kuwait’s largest women-led technology empowerment program – and launching the Data Champion bootcamp in collaboration with CODED, equipping employees with advanced data analytics and storytelling capabilities. Training activity increased significantly during the year, supported by flagship academies and specialized learning programs, collectively delivering thousands of training hours to strengthen capabilities across the organization. Burgan Bank’s commitment to learning excellence was recognized with the Brandon Hall Gold Award for Best Learning Strategy.

Employee engagement and well-being also remained central to the Bank’s people strategy. Progressive workplace policies, flexible working arrangements, and leadership development initiatives continued to foster a high-performance culture. Reflecting the strength of its workplace environment, Burgan Bank’s flagship operations in Kuwait and its subsidiary in Turkey were both recognized as Great Place to Work organizations.

To emphasize the importance of talent development in supporting the Bank’s long-term strategy, Mr. Daher said: “Developing future-ready talent remains a strategic priority for Burgan Bank. Throughout 2025, we continued to invest in building capabilities that directly support our transformation agenda and long-term growth. By strengthening leadership development, expanding learning opportunities, and advancing our national talent strategy, we are equipping our people with the skills required to thrive in an increasingly digital and data-driven banking environment.”

He added: “By strengthening our talent pipeline, expanding opportunities for learning and leadership, and supporting broader initiatives, we are building a highly capable workforce that can drive innovation, deliver exceptional customer experiences, and support Burgan Bank’s long-term progress.”

Advancing ESG commitments

Burgan Bank continued to integrate environmental, social, and governance (ESG) principles across its operations, risk management frameworks, and capital allocation decisions, ensuring sustainability is central to its strategy and long-term growth.

Reflecting on the Bank’s ESG efforts, Daher emphasized that sustainability at Burgan Bank goes beyond obligation, saying: ”Sustainability is an opportunity to create lasting value. At Burgan Bank, we are committed to embedding ESG into everything we do, from how we manage our operations to how we serve our communities. By promoting responsible finance, supporting inclusive growth, and strengthening governance, we aim to generate meaningful impact while building a resilient, progressive institution.”

In 2025, the Bank made significant strides in advancing sustainability, improving energy efficiency, and minimizing its environmental footprint. Key initiatives included the expansion of energy-efficient infrastructure, enhanced waste management and recycling programs, and the strategic integration of climate-related risks into lending decisions—covering 69 percent of the corporate portfolio by value. These efforts not only support Kuwait’s broader sustainability transition but also reflect a forward-looking approach to responsible finance and environmental stewardship.

Social initiatives in 2025 emphasized employee well-being, talent development, and a highly diverse workforce, with strong female and Kuwaiti national representation driving inclusive participation across the Bank. The Bank continued to promote financial inclusion through platforms like B-Dinar, expand SME financing, and deliver community programs that empower youth, women, and entrepreneurs, reinforcing its commitment to long-term social impact and national development.

Governance remained a central pillar of the Bank’s ESG strategy, with ESG metrics fully embedded into executive performance scorecards to align leadership decisions with sustainability objectives. Strong ethical and anti-corruption controls, robust internal audit processes, and ongoing stakeholder engagement ensured accountability, transparency, and responsible decision-making across all operations.

In 2025, the Bank’s inclusion in the FTSE4Good Index served as a strong external validation of its ESG performance, highlighting the tangible impact of its sustainability initiatives. This recognition positioned the Bank among only five institutions in Kuwait to be part of this prestigious global benchmark, underscoring its leadership in responsible and forward-looking business practices.

Chairman’s closing remarks