NCB Board Recommends Distribution of Dividend for H2 2017
THE National Commercial Bank announced that the board of directors has recommended the distribution of dividend for period the second half of 2017. The Board of Directors of NCB has recommended the distribution of dividend to the shareholders for the period the second half of 2017 as following:
1- Total amount of distribution of dividend SR1,196,878,814.
2- Number of shares eligible for dividends: 1,994,798,024 shares after deducting the treasury shares.
3- Dividend per share SR 0.60.
4- Dividend represents 6.0% of the Face value.
5- The eligibility of dividends shall be for the shareholders owning shares at the end of the day of the General Assembly meeting of the bank and registered with the company of the Depository Center (Edaa) by the end of the second trading day of the date of the General Assembly meeting which will be held during 2018 and which will be announced later after obtaining the necessary approvals from the authorities.
Source: Saudi Gazette
6- Details of dividend distribution date will be set later.
The Board would like to draw the attention to the following regulation regarding the payment of dividend: for foreign non-resident investors the dividend paid by the company is subject to a withholding tax of 5.0% upon transfer to the non-resident investor or credit to its account according to the provisions of Article (68) of the Income Tax Law and Article (63) of the Implementing Regulations.
National Commercial Bank
The National Commercial Bank was the first Saudi bank to be licensed in the Kingdom.
It is considered the largest bank in Saudi Arabia and is a leading financial institution in the Region. The Bank initiated its business under the name of ‘‘The National Commercial Bank’’ following the Royal Decree on 20 Rabi Thani 1373H (26 December 1953).