Riyadh – Mubasher: The Saudi Investment Bank (SAIB) announced that its board of directors recommended the distribution of interim cash dividends at a value of SAR 450 million for the second half (H2) of 2023.
The proposed dividends amount to SAR 0.45 per share, after the deduction of Zakat, equivalent to 4.5% of the share's nominal value, to be disbursed to one billion eligible shares, according to a bourse filing.
The eligibility date will be for shareholders registered in the bank’s records at the Securities Depository Center Company (Edaa) at the end of the trading session on 26 February 2024.
Dividends are scheduled to be distributed on 06 March.
SAIB distributed cash dividends after zakat worth SAR 400 million for H1-2023 on 15 August 2023.
Capital Hike
Moreover, the bank’s board also recommended increasing capital by 25%, or SAR 2.5 billion, through issuing 250 million bonus shares, granting one bonus share for every four shares.
The capital increase amount will be capitalized from the Statutory Reserve.
It is worth noting that SAIB achieved net profits of SAR 1.76 billion in 2023, a 16.82% year-on-year (YoY) surge from SAR 1.50 billion.
