Mubasher: The ordinary general meeting (OGM) of the Commercial Bank of Kuwait (CBK) approved the board’s recommendation to distribute 18% of capital as cash dividends for fiscal year 2017.

The Kuwait-based lender will pay 18 fils per share as dividends for FY17, in addition to distributing 10% of capital as 10-for-100 basis bonus shares, according to a bourse statement on Sunday.

The dividends will be distributed on 25 of April to the shareholders of records on 18 April, Kuwait's fifth-largest lender by assets said.

CBK’s shareholders also approved raising the capital to KWD 164.63 million from KWD 181.1 million by issuing bonus shares valued at KWD 16.5 million.

The OGM has elected new board members for the coming three years from 2018 to 2020.

During FY17, CBK achieved an increase of 10% in profits to KWD 55.43 million compared to KWD 50.4 million in FY16.