Saudi Awwal Bank declares SAR 2.05 bln H1 dividends

Saudi Awwal Bank’s (SAB) Board of Directors has approved a cash dividend distribution of SAR 2.05 billion for the first half of 2024, representing 10% of the nominal share value, the bank announced on Thursday.

The dividend, amounting to SAR 1 per share after zakat deduction, will be distributed on August 28, 2024. Shareholders registered with the Edaa Center by August 15 will be eligible for the payout.

SAB noted that it has received the Saudi Central Bank’s approval for the distribution.

The bank also highlighted that non-resident investors are subject to a 5% withholding tax on dividends, as per the Income Tax Law, unless exempted by the Zakat, Tax, and Customs Authority. Non-resident investors with exemptions are advised to contact the Bank’s Shareholders Registry Unit to submit the necessary documentation.