Alinma Bank recommended distributing cash dividends to shareholders, totaling about 596.122 million riyals, for about 1.987 billion shares, for the fiscal year 2020.
According to Arabnet, the bank said in a statement that the share's share from the distribution is 0.30 riyals after deducting zakat, with a distribution ratio to the share's nominal value of 3%.
Alinma Bank said that the eligibility date is for shareholders who own shares at the end of the trading day of the bank’s general assembly, which will be determined later, and who are registered in the bank’s shareholders ’register at the Depository Center at the end of the second trading day following the date of the meeting.
He added that the date and mechanism of dividend distribution will be announced at a later time.
The annual financial results of Alinma Bank showed a decline in net profit after zakat and tax by 22.4% during the year 2020, to 1.966 billion riyals compared to 2.535 billion riyals in 2019.
The bank said in a previous statement, that the reason for the decrease in net income is mainly due to the increase in provisions for credit losses and losses on investment valuation.
The bank added that net financing and investment income increased by 8%. However, total operating income increased by only 2% due to the high losses of investment valuation at fair value.
According to Al Arabiya.net's calculations, the bank’s net profit after zakat and tax amounted to 394 million riyals in the fourth quarter of 2020, compared to about 509 million riyals in the same quarter of 2019, a decrease of 22.6%.
