Bank Albilad shareholders approve 25% capital hike, 5% cash dividend

30/04/2024 Argaam Exclusive

Shareholders of Bank Albilad approved during the extraordinary general meeting (EGM), held on April 29, the board’s proposal to raise capital by distributing one bonus share for every four shares held, by capitalizing a portion of the retained earnings, according to a statement to Tadawul.

 

The EGM further approved a 5% cash dividend for 2023, at SAR 0.50 per share.

 

Capital Increase Details

Current Capital

SAR 10 bln

Current Number of Shares

1 bln

Increase Percentage (%)

25%

New Capital

SAR 12.5 bln

New Number of Shares

1.25 bln

Method

Issuing 1 bonus share for every 4 shares held

Nature & Value of Reserve

Capitalizing SAR 2.5 bln from retained earnings

Eligibility

April 29, 2024 (Shareholders registered with Edaa on the second trading day following the EGM)

Reason

Strengthening the bank’s financial solvency and utilizing its resources for operating activities

 

Dividend Details (2023)

Current Capital 

SAR 10 bln 

Number of Shares

1 bln 

Total Dividend

SAR 500 mln 

Percentage of Capital 

5% (SAR 0.50 per share) 

Record Date 

April 29, 2024 (Shareholders of record and those registered with the Securities Depository Center Co. (Edaa) by the close of the second trading day after the record date) 

Payment Date 

May 16, 2024

 

The bank pointed out that the shareholders also authorized the board of directors to distribute interim dividends, quarterly or semi-annually, for 2024.

 

The Saudi Exchange (Tadawul) said that the fluctuation limits on today, April 30, for Bank Albilad will be based on a share price of SAR 35.60 and the outstanding orders will be canceled.

 

Furthermore, the Securities Depository Center (Edaa) will deposit the bonus shares into the investors’ portfolios before the beginning of trading on May 2.

Dividend History (SAR/share) Corporate Actions

Announcement Ex-Dividend Payment Dividends
(M Riyal)
Dividends * Notes
05/02/2024 29/04/2024 16/05/2024 500.00 0.40
01/01/2023 01/05/2023 10/05/2023 500.00 0.40
11/02/2020 26/04/2020 04/05/2020 375.00 0.30
21/07/2019 25/07/2019 08/08/2019 300.00 0.24
14/01/2018 11/04/2018 29/04/2018 240.00 0.19
26/09/2017 01/10/2017 19/10/2017 180.00 0.14
29/12/2016 08/05/2017 25/05/2017 300.00 0.24
08/01/2015 14/04/2015 30/04/2015 200.00 0.16
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 0.80 16.94 4.72 %
Last 5 Financial years 1.34 13.00 10.31 %
Last 10 Financial years 2.08 11.21 18.52 %
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

36.55
(0.25) (0.68 %)

Valuation Data (Latest Share Price)

P/E (TTM) 17.41
P/E Before Unusual Items (TTM) 17.41
P/BV 2.83
Dividend Yield 1.10 %
Market Cap. (M) 45,687.50
Return on Average Assets 1.80 %
Return on Average Equity 17.07 %

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