Riyadh – Mubasher: The extraordinary general meeting (EGM) of the National Commercial Bank (NCB) on Thursday approved distributing SAR 1 per share or 10% of the stock’s par value for the fourth quarter of fiscal year 2016.

The cash dividends total SAR 1.99 billion, according to a bourse filing.

The Saudi-listed firm will start paying out the dividends on 14 May to the shareholders registered in the Depository Center.

NCB had previously reported that its net profits increased 7.5% SAR 2.29 billion in the fourth quarter of 2016, compared to SAR 2.13 billion in the same period in 2015.

Quarter on quarter, profits grew 16.56% in Q4-16.

NCB’s EGM approved the recommendations by the board of directors to distribute interim dividends to shareholders on a semiannual or quarterly basis.

Moreover, the EGM has voted on the board's and auditors’ reports for 2016, in addition to amending the company’s articles of association to be in line with the New Companies Law.

By 12:48 pm, NCB’s stock was down 1.98% to SAR 39.20 on the Saudi Stock Exchange (Tadawul).