SNB shareholders to vote on cash dividend, capital hike on May 7

12/04/2023 Argaam Exclusive

Shareholders of Saudi National Bank (SNB) will vote on the board’s recommendation on increasing the bank’s capital by 33.99% to SAR 60 billion through a one-for-three bonus issue during the extraordinary general meeting (EGM) scheduled for May 7.

 

In a statement to Tadawul today, April 12, SNB said that shareholders will also discuss the board’s proposal for a 6% dividend payout, 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

Record date

May 7, 2023 (Shareholders of record by the end of trading on the EGM day, 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)

Record date

May 7, 2023 (Shareholders of record by the end of trading on the EGM day, which will be announced later, and those registered with Edaa by the end of the second trading day following the EGM)

Payment date

To be announced

 

Total Dividends (2022)

Dividend

SAR 7.612 bln

Percentage of capital

17% (SAR 1.7 per share)

Other agenda items include voting on authorizing the board to distribute interim dividends on a semi-annual or a quarterly basis for 2023.

 

Shareholders will also discuss the buyback of 10 million shares maximum, to be allocated as treasury shares under the Employee Shares Program. The repurchase will be funded from the bank’s internal resources.

 

They will also discuss authorizing the board of directors to complete the buyback within 12 months maximum from the date of the EGM's approval, including the allocation price for each share offered to employees.

 

The repurchased shares will be kept for a period not exceeding 10 years from the date of EGM's approval, after which the bank will follow the procedures stated in the relevant laws and regulations.

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 0.60
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 3.02 36.31 8.33 %
Last 5 Financial years 6.30 27.34 23.04 %
Last 10 Financial years N/A N/A N/A
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

33.10
0.00 0.00 %

Valuation Data (Latest Share Price)

P/E (TTM) 9.64
P/E Before Unusual Items (TTM) 9.64
P/BV 1.18
Dividend Yield 4.53 %
Market Cap. (M) 198,600.00
Return on Average Assets 1.91 %
Return on Average Equity 12.83 %

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.