Mubasher: Boubyan Bank’s extraordinary general meeting (EGM) has approved increasing the bank’s authorised, issued, and paid-up capital by 144.203 million shares at KWD 14.42 million, representing 5% of the capital.

The capital hike will be carried out through the distribution of five bonus shares for every 100 original shares to shareholders registered on records as of 9 April 2020, according to a bourse filing on Sunday.

The EGM further approved extending the term of the current board of directors.

In 2019, the Kuwaiti bank’s net profits grew by 12% annually to KWD 62.65 million ($206.98 million) compared to KWD 56.11 million ($185.37 million) in the prior year.