Burgan reported FY2015 net income of KWD76 million, up 23% Y-o-Y and slightly below our forecast of KWD77 million. The press release issued by the company mentions that precautionary provisions during 2015 stood at KWD26 million; this is broadly unchanged from the KWD25 million charged during FY2014. Earnings in 4Q2015 reached KWD17million (compared to our forecast of KWD17.9 million), up 30% Y-o-Y, although 22% lower Q-o-Q, as 3Q2015 results included one-off FX income.   Burgan Bank’s Board of Directors has recommended a cash DPS of 18fils, up from 14 fils in 2014, and slightly ahead of our forecast. This implies a flat Y-o-Y dividend payout ratio of 47% and a dividend yield of 5%. (Elena Sanchez-Cabezudo, CFA, Rajae Aadel, Company)