SNB board recommends capital hike to SAR 60 bln via bonus shares; 6% cash dividend for H2 2022

12/01/2023 Argaam Exclusive

Saudi National Bank’s (SNB) board of directors recommended today, Jan. 12, increasing the bank’s capital by 33.99% to SAR 60 billion through 1-for-3 bonus share issue. 

 

The board also recommended distributing 6% cash dividend, at SAR 0.6 per share, for the second half of 2022. 

Capital Increase Details

Current capital

SAR 44.78 bln

Number of shares

4.478 bln

Percentage of increase

33.99% (approximately 1 share for every 3 shares held)

Capital after increase

SAR 60 bln

Shares after increase

6 bln

Reason

To strengthen the bank's financial position in order to achieve its strategic objectives

Method

Through capitalizing SAR 15.22 bln from retained earnings

Eligibility

Shareholders by the end of trading on the day of the extraordinary general assembly meeting (which will be announced later) and those registered with Edaa by the end of the second trading day following the EGM

 

Dividend Details (H2 2022)

Current capital

SAR 44.78 bln

Dividend

SAR 2.686 bln

Percentage of capital

6% (SAR 0.6 per share)

 

Dividend Details (2022)

Dividend

SAR 7.612 bln

Percentage of capital

17% (SAR 1.7 per share)

 

In case of fractional shares, they will be compiled in one portfolio and will be sold at market price. Proceeds will be distributed to shareholders pro rata, within 30 days.

 

The recommendations remain subject to approvals from official authorities and bank’s shareholders, in terms of the capital increase and the number of shares granted.

Dividend History (SAR/share) Corporate Actions

Announcement Ex-Dividend Payment Dividends
(M Riyal)		 Dividends * Notes
12/01/2023 07/05/2023 18/05/2023 2,686.80 0.45
03/07/2022 13/07/2022 21/07/2022 4,925.80 0.82
27/01/2022 17/04/2022 26/04/2022 4,030.20 0.67
09/08/2021 12/08/2021 23/08/2021 2,910.70 0.49
04/04/2021 06/05/2021 23/05/2021 3,582.40 0.89
26/12/2019 31/03/2020 09/04/2020 3,600.00 0.90
29/07/2019 01/08/2019 21/08/2019 3,300.00 0.82
23/12/2018 10/04/2019 24/04/2019 3,288.35 0.82
30/07/2018 02/08/2018 12/08/2018 2,989.41 0.74
31/12/2017 15/05/2018 29/05/2018 1,196.88 0.30
Historical dividend per share adjusted for the effect of capital changes and bonus shares, if any

Dividend History

Consolidated cash dividend Cash dividend per share (SAR) * The stock price at the beginning of the period (SAR) Return on the base price
Last 3 Financial years 4.29 32.13 13.35 %
Last 5 Financial years 7.90 35.79 22.07 %
Last 10 Financial years 12.58 24.63 51.09 %
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

The Saudi National Bank
37.90
(0.40) (1.04 %)

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Valuation Data (Latest Share Price)

P/E (TTM) 11.35
P/E Before Unusual Items (TTM) 11.35
P/BV 1.38
Dividend Yield 4.53 %
Market Cap. (M) 227,400.00
Return on Average Assets 1.96 %
Return on Average Equity 12.58 %

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