Riyad Bank Recommends Cash Dividend Distribution of SAR 0.75 per Share for 2Hof 2023

Riyad Bank announced Tuesday the bank’s Board of Directors’ (BOD) recommendation to distribute cash dividends to shareholders for the second half of 2023, amounting to SAR 2.24 bln, equivalent to 7.5% of the share nominal value.

According to the bank, the number of shares eligible for dividends will be 2.995 billion shares, at SAR 0.75 for each share after deducting zakat. The eligibility date for shareholders who own shares will be at the end of trading on the day of the bank’s general assembly (to be determined later) and who are registered in the bank’s shareholder register at the deposit center in the end of the second trading day following the meeting date.

The bank drew the attention of non-resident foreign shareholders to the fact that the cash distributions transferred through the resident financial intermediary are subject, when transferred or credited to its bank account, to a withholding tax of 5% in accordance with the provisions of Article (68) of the Income Tax Law and Article (63) of its Executive Regulations.

The bank also confirmed that, out of concern for the rights of its esteemed shareholders who did not receive the dividends of their shares during previous periods, the feature of searching for their dividends has been included on the bank’s website.