Mubasher: The ordinary general meeting (OGM) of Gulf Bank of Kuwait (GBK) approved the board’s recommendation to distribute 9% of capital as cash dividends for fiscal year 2017.

GBK will pay 9 fils per share dividends for FY17, an increase of 29% when compared to the dividends proposed for FY16, according to a recent statement by the bank.

“Gulf Bank has met all of its strategic milestones for the last few years, and is moving forward on a path towards growth,” the chairman of GBK, Omar Alghanim, said.

The bank’s gross loans portfolio increased by 8% to KWD 4 billion, in addition to higher improvements in asset quality represented by a reduction in the non-performing loan ratio to 1.7%, which was the lowest level in 10 years.

GBK’s shareholders have elected a new board of directors for the coming three years from 2018 until 2020.

At the stock level, GBK closed Wednesday’s session 0.4% higher at 251 fils.