Saudi's Al Rajhi Bank trims first-half dividend after profit fall

RIYADH, July 15 Tue Jul 15, 2014 9:10am EDT

RIYADH, July 15 (Reuters) - 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 1 riyal ($0.27) per share for the six-month period to June 30, according to a bourse filing on Tuesday. This is below the 1.38 riyals 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 percent year-on-year, as the bank was hit again by higher impairments. ($1 = 3.7502 Saudi Riyals) (Reporting by Marwa Rashad; Writing by David French; Editing by Olzhas Auyezov)

FILED UNDER: