Nine Saudi banks distribute $7.5bln dividends in 2018

Dividends represent 17.96% of the total capital of the nine banks

  
Saudi Arabian currency. Image used for illustrative purpose.

Saudi Arabian currency. Image used for illustrative purpose.

Getty Images

Riyadh: Nine out of the total 12 listed Saudi banks approved the distribution of cash dividends with a combined value of SAR 28.11 billion ($7.49 billion) for 2018, according to statistics conducted by Mubasher.

The number of shares eligible for dividends in the Saudi banking sector reached 15.6 billion last year.

Dividends represent 17.96% of the total capital of the nine banks values at SAR 156.5 billion, while the capital of the 12 banks reaches about SAR 181.4 billion.

The nine banks logged SAR 46.27 billion in net profits, after zakat and taxes, in 2018, out of the total SAR 49.97 billion net profits reported by the Saudi banking sector.

Al Rajhi Bank topped Saudi lenders in terms of 2018 dividends with SAR 4.25 per share, or 42.5% of the share’s nominal value, with a total value of SAR 6.91 billion distributed over 1.63 billion shares.

Al Rajhi Bank’s capital reaches SAR 16.25 billion, while it logged a net profit of SAR 10.29 billion in 2018.

National Commercial Bank (NCB) came in at the second place with cash dividends of SAR 2.10 per share, or 21% of the bank’s capital amounting to SAR 30 billion.

NCB approved dividends worth SAR 6.28 billion in 2018 for 2.99 billion shares.

It is noteworthy that NCB’s profits reported SAR 10.67 billion last year, registering the highest gains among Saudi listed lenders.

In addition, cash dividends of the Saudi British Bank (SABB), Samba Financial Group, Banque Saudi Fransi, Arab National Bank, Alinma Bank, Riyad Bank, and Bank Aljazira totalled SAR 2.94 billion, SAR 4.23 billion, SAR 2.03 billion, SAR 1.50 billion, SAR 1.49 billion, SAR 2.31 billion, and SAR 0.41 billion, respectively.

Meanwhile, Alawwal Bank decided not to distribute cash dividends for 2018, in line with the merger agreement with SABB.

Bank Albilad and Saudi Investment Bank have not announced yet the distribution of cash dividends for 2018.

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