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Karachi, Standard Chartered Bank (Pakistan) Limited (SCBPL) has declared an interim cash dividend of 15%, or Rs. 1.5 per share, as part of its 2024 financial activities. The announcement was made following a board meeting held on April 26, 2024. The dividend will be applicable to shares valued at Rs. 10 each, and pertains to the fiscal year ending December 31, 2024.
To ascertain eligibility for the dividend, SCBPL will close its share transfer books from May 10 to May 14, 2024. All transfers must be submitted in proper order to the office of the Share Registrar, M/s CDC Share Registrar Services Limited, by the close of business on May 9, 2024, to be considered valid for the dividend entitlement.
In compliance with directives from the Securities and Exchange Commission of Pakistan (SECP), SCBPL reminds shareholders of the mandatory requirement to provide their Computerised National Identity Card (CNIC) numbers for dividend payments. Shareholders who have not yet submitted their CNICs are urged to do so by May 9, 2024, to avoid any withholding of dividend payments.
Additionally, as mandated by Section 242 of the Companies Act, 2017, dividends will only be disbursed electronically directly into the bank accounts of entitled shareholders. Shareholders must therefore provide their International Bank Account Number (IBAN) to facilitate electronic payments.
Furthermore, dividend income is subject to withholding tax, with different rates applicable to ‘Filer’ and ‘Non-Filer’ shareholders—15% for Filers and 30% for Non-Filers. Shareholders are advised to ensure their names appear in the Active Taxpayers List (ATL) on the Federal Board of Revenue (FBR) website to be taxed appropriately. Special tax rates and exemptions will require the provision of valid documentation to the Bank’s Share Registrar by the stipulated deadline.