Riyadh – Mubasher: The Arab National Bank will vote on a dividend payout of 4.5% for the second half of 2016 during its extraordinary general meeting (EGM) on 23 March.

Earlier, the bank’s board proposed distributing SAR 0.45 per share with a total value of SAR 450 million.

In addition to interim dividends of SAR 450 million distributed for H1-16, the total dividends distribution for the fiscal year 2016 stands at SAR 900 million or SAR 0.90 per share, representing 9% of the share's par value net of zakat.

Shareholders of record until the close of trading on the EGM's day will be eligible for the dividends, which will be distributed as of 6 April, according to a bourse filing on Tuesday.

The Arab National Bank reported net profits of SAR 565.1 million for the fourth quarter of 2016, down 4.9% from SAR 594.4 million in the year-ago period.