Shareholders of Saudi National Bank (SNB) approved the board’s recommendation to increase capital by 33.99% to SAR 60 billion through 1-for-3 bonus share distribution, during the extraordinary general meeting (EGM) held on May 7, according to a statement to Tadawul.
Shareholders also endorsed the board’s proposal to distribute a cash dividend at 6%, or SAR 0.6 a share, for H2 2022, the statement added.
|
Capital Increase Details |
|
|
Current Capital |
SAR 44.78 bln |
|
Number of Shares |
4.478 bln |
|
Percentage of Increase |
33.99% (One bonus share for every three existing shares) |
|
New Capital |
SAR 60 bln |
|
Number of Shares |
6 bln |
|
Reason |
To bolster the bank’s financial position aligning with the achievement of its strategic goals |
|
Method |
Capitalization of SAR 15.22 billion from retained earnings |
|
Record Date |
May 7, 2023, for shareholders of record and those registered with Edaa on the second trading day after the EGM |
|
Dividend Details (H2 2022) |
|
|
Current Capital |
SAR 44.78 bln |
|
Total Dividend |
SAR 2.68 bln |
|
Percentage of Capital |
6% (SAR 0.6 a share) |
|
Record Date |
May 7, 2023, for shareholders of record and those registered with Edaa on the second trading day after the EGM |
|
Payment Date |
Later |
|
Total Dividends (2022) |
|
|
Total Dividend |
SAR 7.61 bln |
|
Percentage of Capital |
17% (SAR 1.7 a share) |
Shareholders also approved authorizing the board of directors to distribute interim dividend on a semi-annual or a quarterly basis for 2023, the statement added.
During the meeting, the bank shareholders ratified the buyback of 10 million shares maximum to be allocated for the Employee Stock Incentive Plan. The share repurchase will be financed from the bank’s internal resources, and the board will be authorized to carry out the share buyback within 12 months maximum as of the EGM decision. The repurchased shares will be retained for 10 years maximum as of the general meeting date until being allocated to employees.
In a separate statement, the Saudi Exchange said the share fluctuation limits will be based on a share price of SAR 37.05 for today, May 8, and the outstanding orders will be canceled.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by May 10, the statement added.
| 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 |
| 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 | 4.18 | 32.13 | 13.00 % |
| Last 5 Financial years | 6.49 | 35.79 | 18.13 % |
| Last 10 Financial years | 11.17 | 24.63 | 45.37 % |
| 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 % |
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