the Board of Directors of Arab National Bank (ANB) its decision to distribute interim cash dividends to the bank's shareholders for the second half of the 2023 fiscal year. This decision reaffirms the bank's ongoing policy of delivering meaningful returns to shareholders and reinforcing their confidence in the bank's sustainable growth strategy.
According to the official statement issued by the bank and published on the Saudi Stock Exchange (Tadawul) website, the total value of distributed profits amounts to SAR 1.29 billion . This amount will be distributed among 1.985 billion shares eligible for dividends, resulting in a dividend per share of SAR 0.65 (equivalent to 65 halalas) after deducting zakat. These distributions represent 6.5% of the share's nominal value, which is a positive indicator of the bank's profitability and its ability to generate liquidity.
General context and importance of the decision
Arab National Bank is one of the leading financial institutions in the Kingdom of Saudi Arabia, with a long history of supporting the national economy. These distributions come within the context of the generally positive performance of the Saudi banking sector, which is a cornerstone in achieving the goals of Saudi Vision 2030. The sector acts as a key driver for financing major projects and supporting the growth of the private sector, and the dividend distribution decisions by leading banks like Arab National Bank reflect the stability and strength of this vital sector.
Impact on investors and the financial market
This announcement is of great importance to investors in the Saudi stock market, as regular cash dividends enhance the attractiveness of the stock as a long-term investment that generates consistent income. The decision also contributes to increased confidence among local and international investors in the Saudi financial market as a whole, and demonstrates the transparency of listed companies and their commitment to shareholder rights. This decision is expected to positively impact the bank's stock performance on Tadawul and boost market liquidity.
Eligibility and distribution dates
The bank has set important dates for shareholders wishing to benefit from these distributions. The eligibility date for shareholders who own shares at the close of trading on February 4, 2024, and are registered in the bank's shareholder register at the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date, is February 16, 2024. The dividend distribution date has been set for February 16, 2024, with the amounts being deposited directly into the accounts of eligible shareholders.
