Saudi’s Riyad Bank recommends second-half dividend of 35 halalas

DUBAI: The board of Saudi Arabia’s Riyad Bank, the kingdom’s third-largest listed bank by assets, said on Tuesday that it was recommending a dividend of 35 halalas per share for the second half of 2014.

That compares with a dividend of 80 halalas for the second half of 2013.

The bank did not explain the drop. It posted a 7.8 percent rise in its 2014 third-quarter net profit to 1.08 billion Saudi riyals ($287.8 million, Dh1.06 billion)), in line with analysts’ average forecast.