RIYADH, 21 January — The Riyad Bank announced yesterday that it will distribute SR1.2 billion as dividends among the bank’s shareholders. The amount represents a 50 percent increase over the dividends distributed last year.
The bank also announced a net profit of SR1,352 million for last year, an increase of 12 percent compared to the year before.
Rashed Abdulaziz Al-Rashed, Riyad Bank’s chairman, said the bank’s board of directors has recommended to the general assembly to distribute SR15 per share as dividends.
“The dividend for the year 2001 of SR15 per share will be paid after the approval of the general assembly, which will be meeting on March 11,” Al-Rashed said. He added that the bank has maintained its growth momentum and achieved an increase in profits this year despite a significant drop in market rates, a consequent decrease in yields and the global recession.
He said that the increase in net profits improved the return on assets to 2.01 percent from 1.86 percent in the year 2000.
Al-Rashed said the Riyad Bank managed to reduce the impacts of the adverse market conditions by having diversified asset portfolio and adopting sound risk management practices.
