Mubasher: Warba Bank’s ordinary general meeting (OGM) approved the distribution of bonus share at 5% of the authorised, issued, and paid-up capital for 2019.

The distributions, totalling KWD 7.5 million, will be granted through issuing 75 million bonus shares, according to a stock exchange statement on Monday.

Eligibility to bonus shares will be for shareholders registered on record at the end of the maturity date on 4 June 2020. The bonus shares will be distributed on 10 June.

The OGM further approved paying a remuneration of KWD 125,000 to board members for 2019.

In 2019, the Kuwaiti lender recorded a 30% year-on-year (YoY) profit increase at KWD 16.5 million ($53.94 million), compared to KWD 12.74 million ($41.65 million) in 2018.