Banque Saudi Fransi to pay over $293.3mln dividends for H2-23

PHOTO

The shareholders of Banque Saudi Fransi approved the board’s recommendation to distribute cash dividends valued at SAR 1.19 billion for the second half (H2) of 2023.

The Saudi lender will pay out SAR 1 per share, representing 10% of the share’s nominal value, on 11 June 2024, according to a bourse filing.

Hence, the total dividends distributed to shareholders for 2023 stand at SAR 2.33 billion or SAR 1.95 per share, which accounts for 19.50% of the share’s nominal value.

The shareholders greenlighted the cash dividends during the extraordinary general meeting (EGM) that was held on 22 May, while the board proposed the amount last February.

In 2023, the net profits of Banque Saudi Fransi surged by 18.12% to SAR 4.22 billion from SAR 3.57 billion a year earlier.

In the first quarter (Q1) of 2024, the bank recorded 6.87% year-on-year (YoY) higher net profits at SAR 1.15 billion, compared to SAR 1.07 billion.