Mubasher: The Central Bank of Kuwait (CBK) granted its initial approval on 17 April 2019 for Burgan Bank to issue bonds not exceeding $500 million.

Burgan Bank will receive the CBK's final approval after providing the prospectus of this bonds' issuance, according to a statement to Boursa Kuwait on Sunday.

The bank also received the CBK's approval to repurchase the issued bonds at $500 million.

Burgan Bank further explained that this issue will contribute to complying with regulatory requirements for its capital and long-term liquidity.

On 27 March, the bank’s shareholders approved distributing a 12% cash dividend or 12 fils per share for 2018, along with 5% of the capital as bonus shares.

During 2018, Burgan Bank’s profits rose by 26.6% to KWD 82.6 million from KWD 65.2 million in 2017.