Riyad Bank shareholders approve 6.5% cash dividend for H2 2022

Riyad Bank shareholders approved on March 26 the board's proposal for a 6.5% cash dividend, or SAR 0.65 per share, for the second half of 2022.

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*After Zakat

Shareholders also approved authorizing the board to distribute interim dividends on a semiannual or a quarterly basis for 2023.

They also gave the go-ahead for the employee stock incentive program and authorized the board to approve the relevant rules and any future changes on the program, Riyad Bank said in a statement to Tadawul.

Shareholders also approved the repurchase of five million shares as treasury shares, which will be allocated for employee stock incentive program. The buyback will be financed by the bank’s own resources.

The board or whomever it delegates will be authorized to complete the repurchase within 12 months maximum from the date of the shareholders’ approval. The repurchased shares will be kept no longer than seven years from the date of that approval. Afterwards, the bank will follow the applicable regulations.