Riyadh – Mubasher: The extraordinary general meeting (EGM) of Riyad Bank approved the distribution of cash dividends for the second half of 2016.
The company will distribute 3% of the nominal value at SAR 0.30 per share, according to a bourse filing on Tuesday.
Shareholders of record at the end of trades on 27 March will be entitled to receive the cash dividends, which will be distributed as of 10 April.
The EGM also agreed on what was distributed for the first half of 2016 at SAR 0.35 per share, representing 3.5% of the capital.
Total dividend payout for the fiscal year which ended on 31 December 2016 reached SAR 1.95 million, representing 6.5% of the capital.
The meeting gave a nod to the amendment of Article 4 of the bank’s bylaws, which stipulates that the bank may set up or establish its own companies (limited liability or closed share) and may enter into partnerships with others, the statement added.
The company also approved the board and auditor's reports for 2016.
During FY16, net profits shrank by 17.46% to reach SAR 3.34 billion from SAR 4.05 billion in FY15.
