RIYADH: The board of Saudi Investment Bank, known as SAIB, has recommended its highest cash dividend since 2016, at SR0.7 per share, accounting to SR525 million ($140 million), as well as a capital increase of 33 percent.
The decision came as a step towards improving the bank’s capital base to support growth in the fiscal year 2022, SAIB said in a filing.
SAIB’s dividend payout recommendation brings it up 75 percent from the prior year’s dividends which stood at SR0.4.
The bank’s board recommendation for the capital hike will be via issuing bonus shares, granting one share for every three shares.
This will raise SAIB’s capital from SR7.5 billion to SR10 billion.
The bank was Saudi bourse’s biggest gainer in morning trading, reaching its highest value compared to all closing prices in last two years, standing at SR18.76.