The Saudi Investment Bank recommended distributing cash dividends to shareholders for the year 2021 with a total amount of 525 million riyals, for a number of outstanding shares of 750 million shares.
According to Arabiya Net, the bank said in a statement, that the share of the distribution is 0.70 riyals after deducting zakat, with a distribution ratio of 7% to the nominal value of the share.
The date of eligibility for profits for shareholders of the bank who own shares is at the end of the day of the bank’s general assembly meeting and who are registered in the bank’s records with the Securities Depository Center Company at the end of the second trading day following the date of the assembly, which will be announced later and also the distribution date.
In a separate statement, the Saudi Investment Bank announced the Board of Directors’ decision to recommend to the extraordinary general assembly to increase the bank’s capital, by granting free shares to the bank’s shareholders by capitalizing part of the statutory reserve by granting one share for every three shares.
The percentage of the capital increase is 33.33% to reach 10 billion riyals, compared to 7.5 billion riyals before the increase.
The bank aims from the increase to strengthen the capital base of the bank, which will contribute to increasing the growth rates and expansion of the bank’s business in the coming years.
The increase will be through the capitalization of 2.5 billion riyals from the statutory reserve.
The bank’s profits declined by 9% to 274.3 million riyals during the third quarter of 2021, compared to 301.4 million riyals during the same period last year, as a result of the decrease in total operating income and the increase in total operating expenses.
During the first nine months of 2021, the bank’s profits increased 8.6% to reach 775.6 million riyals, compared to 714.4 million riyals during the same period last year as a result of the decrease in total operating expenses and zakat provisions, while total revenues declined by 18.9% to reach 2.075 billion riyals, compared to 2.6 billion riyals during the corresponding period last year.
