Saudi’s largest banks declare over Dh9 billion in dividends
Banks in Saudi Arabia and the UAE have reported a better year than peers
Dubai: Al Rajhi Bank and Saudi National Bank have declared dividends for investors at a combined value of SAR10 billion (Dh9.7 billion) in the second half of 2023.
The board of Saudi National Bank, the Kingdom’s largest bank by assets, recommended a 9 per cent dividend at SAR5.4 billion (Dh5.2 billion) in the second half of 2023, while Al Rajhi Bank recommended a dividend of 11.5 per cent or SAR4.6 billion (Dh4.5 billion) for the same period.
Banks in Saudi Arabia and the UAE have reported a better year than peers, showcasing resilience overcoming headwinds at a regional and global level.
Beating analysts’ expectations, Saudi Arabia’s capital market authority (CMA) announced that it received 56 initial public offering applications. In addition to this, regional reports said that Aramco is likely to issue a bond this year.
CMA chief Mohammed ElKuwaiz said in a forum in Riyadh - as reported by Arabian Gulf Business Insight - that IPO applications increased by 30 per cent in comparison to the previous year, covering the main Saudi stock market and the parallel market Nomu.