Riyadh – Mubasher: The extraordinary general meeting (EGM) of the Arab National Bank approved dividend payout of 4.5% for the second half of 2016.

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

The meeting also agreed on the dividends of SAR 450 million distributed for H1-16; hence, the total dividends distribution for 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 on 6 April, according to a bourse filing on Sunday.

The EGM also gave a nod to the board and auditor's reports for FY16 and to the amendment of the firm’s bylaws to be in line with the New Companies Law.

As for the first twelve months of 2016, the bank posted net profits of SAR 2.85 billion, down by 3.73% from SAR 2.96 billion a year earlier.