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Saudi’s Al Rajhi Bank Trims First-Half Dividend After Profit Fall

Saudi’s Al Rajhi Bank Trims First-Half Dividend After Profit Fall

The bank has proposed paying SAR1 ($0.27) per share for the six-month period to June 30.

Al Rajhi Bank, Saudi Arabia’s largest listed lender, has trimmed its proposed cash dividend for the first half of 2014, after reporting lower profits earlier this week.

The bank has proposed paying SAR1 ($0.27) per share for the six-month period to June 30, according to a bourse filing on Tuesday. This is below the SAR1.38 per share the bank paid for the corresponding period of 2013, according to Thomson Reuters data.

Al Rajhi posted a fourth successive quarterly profit decline on Sunday, with second-quarter earnings dropping 8.2 per cent year-on-year, as the bank was hit again by higher impairments.

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