Banque Saudi Fransi board recommends $127.9mln dividend

More than one billion shares will be eligible for the compensation at $0.11 per share

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

Banque Saudi Fransi said Tuesday its board of directors has recommended the distribution of 4 percent dividend to shareholders for the fiscal year 2020.

The payout amounts to 479.9 million riyals ($127.9 million), the company said in a bourse filing to the Saudi Stock Exchange (Tadawul).

More than one billion shares will be eligible for the compensation at SAR0.40 per share.

The company’s net profit plunged by 50 percent to 1.5 million riyals in 2020. This was mainly due higher operating expenses, which went up by 54.7 percent last year.

“This increase in total operating expenses was primarily due to higher impairment charge for credit losses and salaries and employee-related expenses,” the bank said.

(Writing by Cleofe Maceda; editing by Brinda Darasha)

Cleofe.maceda@refinitiv.com

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