Al Rajhi Bank’s 2022 dividend freeze driven by business growth: Chairman

03/01/2023 Argaam
Abdullah Al Rajhi, Chairman of Al Rajhi Bank

Abdullah Al Rajhi, Chairman of Al Rajhi Bank

Al Rajhi Bank did not pay cash dividend for 2022 due to the significant growth of the bank’s business portfolio, Chairman Abdullah Al Rajhi said in a televised interview.

 

He also indicated that the bank’s business portfolio matches the requirements of the Saudi Central Bank (SAMA) and the international standards.

 

The bank had to retain earnings to be utilized in the business development, Al Rajhi noted, adding that the long-term investor will benefit from this.

 

Al Rajhi Bank seeks to achieve balance between capital and the loan growth.

 

Al Rajhi Bank increased capital by 60% to SAR 40 billion, via a bonus issue in 2022, data complied with Argaam showed.

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