Mubasher: The ordinary general meeting (OGM) of Boubyan Bank approved the board’s recommendation to distribute 7% of capital as cash dividends and 5% as bonus shares for the fiscal year 2017.
The Kuwait-based lender will pay 7 fils per share as a dividend for FY17 at a total value of KWD 15.89 million, according to a bourse statement on Sunday.
The bank’s shareholders also agreed to distribute 5% of the issued and paid-up capital as bonus shares or 5-for-100 shares, totalling 113.74 million shares valued at KWD 11.37 million.
Boubyan’s shareholders have approved issuing sukuk and financing instruments, the statement added.
In FY17, The Islamic Sharia banking and investment services provider achieved a growth of 16% in profits to KWD 47.6 million compared to KWD 41.1 million in the previous fiscal year.
