Bank Albilad BOD recommends distributing 500 mln cash dividends of 2022

Bank Albilad announced on Sunday the Board of Directors’ recommendation to distribute cash dividends to shareholders for 2022.
It added that the dividend per share is SR0.50 after the Zakat deduction. Therefore, the total amount distributed is SR500,000,000. Therefore, the dividend percentage to the share par value (%) is 5%.
It also added that the bank’s management said in a statement on Sunday on Tadawul that the number of shares eligible for dividends is 1,000,000,000, and the distribution date will be announced later.
It explained that the eligibility date for shareholders is at the end of the day when the Bank’s General Assembly is convened and who are registered in the Bank’s records at the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the General Assembly which will be announced later.
It concluded that: “We would like to draw the attention of the non-resident foreign investors that the cash dividend distribution which the resident financial broker transfers is subject to withholding tax of 5%, in accordance with the provisions of article 68 of the income tax law and article 63 of its implementing regulation and we would like to advise all shareholders to update their investment account information with the financial broker to avoid any issue on receiving the announced dividends.