Riyad Bank’s board of directors recommended a dividend payout of 2.24 billion Saudi riyals ($597.32 million) for the second half of 2023.

The dividend stands at 7.5% of the capital, or SAR 0.75 per share, the bank said in a statement to the Saudi stock exchange on Tuesday.

The date of distribution will be announced later.

Riyad Bank reported a net profit of SAR 8.05 billion in 2023, up 15%, compared to SAR 7.02 billion a year ago.           

(Editing by Brinda Darasha; brinda.darasha@lseg.com)