Banque Saudi Fransi announced the recommendation of the bank's board of directors to distribute cash dividends to shareholders for the second half of this year, at a value of approximately 1.08 billion riyals.
Banque Saudi Fransi said in a statement on (Tadawul), today, Tuesday, that the dividends are 9% of the nominal value of the share, at 0.9 riyals after deducting zakat, while the number of shares entitled to dividends is approximately two billion shares.
Saudi Fransi stated that the eligibility for profits for the second half of 2022 will be for the bank’s shareholders registered with the Depositary Center at the end of the second trading day following the General Assembly meeting, which will be announced at a later time.
In the statement, Saudi Fransi indicated that details of the general assembly meeting and the date of dividend distribution will be announced at a later time.
Banque Saudi Fransi previously distributed net cash dividends amounting to 901.49 million riyals for the first half of the current fiscal year, at 0.75 riyals per share, representing 7.5% of the nominal value of the share.
Thus, the total net profit distributed to the bank's shareholders for the current fiscal year amounts to 1.981 billion riyals, at 1.65 riyals per share, equivalent to 16.50% of the nominal value of the share.
As for non-resident foreign investors, Banque Saudi Fransi indicated that cash dividends that are transferred through the resident financial intermediary are subject (when transferred or credited to his 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.
