Mubasher: The ordinary general meeting (OGM) of Riyad Bank approved the cash dividend proposed for fiscal year 2018, according to a bourse statement on Wednesday.

Riyad Bank’s shareholders agreed to distribute 4% of the capital or SAR 0.40 per share as a cash dividend for the second half of FY18.

The OGM also approved the dividends previously distributed for the first half of 2018, as Riyad Bank had paid SAR 0.37 or 3.7% of the capital to the entitled shareholders for the period.

An approval was also granted by the bank’s shareholders to authorise the board members for distributing semi-annual or quarterly dividends for the FY19.

During the fourth quarter of 2018, Riyad Bank registered a growth of 38.8% in profits to SAR 1.165 billion when compared to the same period a year ago.