Bank Albilad distributes SAR 500 mln in cash dividends for 2023

Bank Albilad announced on Monday the Board of Directors’ recommendation to distribute 500 million riyals in cash dividends to shareholders for 2023, equivalent to 5% of the nominal value of the share.

The number of shares eligible for dividends reached one billion shares, at 0.5 riyals, after deducting zakat, provided that eligibility will be for shareholders 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 should be noted that the Bank has obtained no-objection from the Saudi Central Bank on the Board of Directors’ recommendation to distribute cash dividends to ‎shareholders for ‎‏2023‏.

We would like to draw the attention of the non-resident foreign investors that the cash dividend distribution which is transferred by the resident financial broker 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.