Riyadh – Mubasher: The extraordinary general meeting (EGM) of Alawwal Bank approved the board's recommendation on Thursday to not distribute dividends for 2016.
The EGM voted on the balance sheet and the profit and loss account, adding to the board and auditor's reports for the financial year ended on 31 December, according to a bourse filing on Thursday.
The meeting also agreed on amending Article 32 of the bank's bylaws concerning shareholders' assemblies.
The bank reported net profits of SAR 1.6 billion in 2016 compared to SAR 2.022 billion in 2015.
