Riyadh – Mubasher: Riyad Bank’s board of directors recommended distributing cash dividends of SAR 1.2 billion, or SAR 40 per share, for the second half of 2018.
Distributions represent 4% of the bank's capital par value, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
“The entitlement of the dividends shall be for the shareholders registered in the banks share registry at the Depository Center (SDC) at the end of the second trading day following the General Assembly Meeting day that will be announced later,” the statement added.
The bank further noted that distributions’ date will be specified later.
“We would like to draw the attention of the non-resident foreign investors that the cash dividend distribution which is transferred by the resident financial broker is subject to (when transferred or credited to the bank account) withholding tax of 5%,” the statement added.
Riyad Bank last reported an 8.17% year-on-year profit increase during the third quarter of 2018, registering SAR 1.16 billion, from SAR 1.8 billion in Q3-17.
Riyad Bank’s profits also levelled up 13% to SAR 3.3 billion from January to September, compared to SAR 2.9 billion in the corresponding period last year.
By 10:26 am Saudi time, Riyad Bank’s stock shed 0.11% to SAR 17.76.
