The Board of Directors of Banque Saudi Fransi recommended distributing cash dividends to shareholders for the year 2020.
According to Arabiya Net, the bank said in a statement that the recommended profits to be distributed amounted to 479.98 million riyals, about 1.2 billion shares. Zakat.
The bank indicated that the distribution ratio is 4% of the nominal value of the share.
She explained that the eligibility for the profits for the year 2020 AD will be for the bank's shareholders registered with the Depository Center at the end of the second trading day following the holding of the general assembly meeting, which will be announced at a later time.
The annual financial results of Banque Saudi Fransi showed that its net profit declined by 50.37% during 2020, to fall to about 1.55 billion riyals, compared to about 3.11 billion riyals in 2019.
The bank said, earlier, that the main reason for the decline in net income is the increase in total operating expenses by 54.74%, indicating that, however, total operating income increased by 2.5%.
The bank attributed the increase in total operating expenses mainly to the increase in the provision for credit losses, salaries and employee expenses, which was partially offset by the reversal of the decline in the value of investments and other financial assets.
