Riyadh – Mubasher: The board of National Commercial Bank (NCB) has recommended a cash dividend distribution of SAR 0.60 per share for the fiscal year 2017, at a par value of 6% of the share’s nominal value.
The total value of distribution amounts to SAR 1.96 billion divided on 1.99 billion shares.
Shareholders will receive their dividends at the end of the general meeting, which will be announced at a later time, NCB said in a statement to the Saudi Stock Exchange (Tadawul).
The dividends for non-resident foreign investors will be transferred through the resident financial intermediary and will subject to a 5% tax deduction.
In a separate statement, NCB’s board on Thursday, 28 December 2017 called for approve increasing the bank’s capital by 50%.
The bank’s capital will be raised to SAR 30 billion from SAR 20 billion, divided on 3 billion shares, which will help in achieving more growth and expansion in the coming few years, according to a bourse filing on Sunday.
The capital hike will be carried out by adding SAR 10 billion from retained earnings.
NCB last reported that its net profits rose 8.36% to SAR 2.126 billion in the third quarter of 2017 from SAR 1.962 billion in the same period last year.
