Karachi: Bank AL Habib Limited has announced its book closure dates for the entitlement of the 3rd interim cash dividend for the year ending September 30, 2024. The notification outlines significant information for shareholders and the broader investment community.

The bank's board of directors has declared the dividend following a meeting held on October 24, 2024. According to information available from the Pakistan Stock Exchange (PSX), the dividend aims to provide consistent returns to the shareholders, reinforcing the bank’s commitment to delivering value. Shareholders must be registered by the closure date of October 31, 2024, to be eligible for the dividend payout set to be published nationwide on October 25, 2024, in prominent newspapers.

Investors are advised that the transfer books of the bank will remain closed from October 31 to November 4, 2024. During this period, no share transfers will be executed, facilitating the systematic processing of the dividend payout. The shares must be credited at the CDC House by October 30, 2024, ensuring eligibility for the dividend.

For shareholders opting for direct credit of dividends, the bank has updated its processes. As per the regulation, all shareholders who have not provided the bank with complete bank account details are requested to submit these by October 31, 2024. This includes those who recently changed their particulars, including mailing address, email ID, and mobile phone number.

The dividend distribution is subject to the tax as per the Income Tax Ordinance of 2001, where different rates apply based on the filer status of the shareholder in the Federal Board of Revenue’s (FBR) records. Non-filer shareholders will face a higher deduction rate of 30% on their dividend income, whereas filers will be subjected to a 15% deduction.

This corporate event underscores Bank AL Habib's strategic approach to managing shareholder relations and financial distributions effectively, aiming to bolster confidence among its investors.