National Commercial Bank’s (NCB) board of directors has recommended a 50 percent capital hike to SAR 30 billion from SAR 20 billion through the issue of one bonus share for every two shares held.

 

The capital hike, which will be financed from retained earnings account, aims to strengthen the bank’s capital base to enable it to achieve growth rates and expand into new activities over the coming years.

 

The board also recommended a 6 percent cash dividend (SAR 0.6 per share) for the second half of 2017, bringing the total dividend issued for the full year to SAR 1.7 per share.

 

Capital Hike Details

Current capital

SAR 20 bln

Current No. of shares

2 bln

Percentage of Increase

50 percent (1-for-2 bonus shares)

Post-increase capital

SAR 30 bln

Post-increase shares

3 bln

 

Cash Dividend Details (H217)

Cash dividend*

SAR 1.197 bln

Percent capital

6% (SAR 0.6/share)

Record date

General assembly meeting

Payment day

To be determined

 

Dividend for FY 2017

Total cash dividend

SAR 3.396 bln

Percent of capital

17% (SAR 1.7/share)

*Number of eligible shares is 1.9948 bln shares after deducting treasury shares

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