Riyadh – Mubasher: The extraordinary general meeting (EGM) of the Saudi Investment Bank approved the distribution of cash dividends for 2016.
The bank will pay SAR 0.50 per share, representing 5% of capital after deducting zakat, according to a bourse filing on Tuesday.
The EGM also agreed on increasing the capital to SAR 7.5 billion from SAR 7 billion through bonus shares of 1:14 by transferring SAR 500 million from the retained profits.
Moreover, the meeting nodded to the board's and auditors' reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.
The bank’s profits retreated 20.8% to SAR 1.05 billion in 2016 from SAR 1.33 billion in 2015.
