Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Rajhi Bank on Sunday approved the board's recommendation to distribute cash dividends for the second half of 2016.

The bank will distribute SAR 1.5 per share totalling SAR 2.44 billion and representing 15% of the nominal value, according to a bourse filing on Monday.

The EGM also mandated the board to distribute interim quarter and half-annual cash dividends.

Moreover, the meeting also agreed on the board’s report for the year which ended on 31 December and amending the bank's bylaws as per the New Companies Law.

On the twelve-month level, the bank's profits increased 13.97% to SAR 8.13 billion from SAR 7.13 billion in 2015.