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Malayan Banking Bhd (Maybank) saw a slight fall in its net profit for 3QFY20 to RM1.95 billion, down 2.3% from RM2 billion for the previous year’s corresponding quarter, amid lower net operating income due to the Covid-19 pandemic. Revenue for the quarter contracted 0.6% to RM13.76 billion from RM13.83 billion. The bank declared an interim dividend of 13.5 sen per share, which will be made under its dividend reinvestment plan.
Normally, when dividends are paid, they are received by shareholders as a check or a direct deposit into their bank account. DRIPs, which are also known as dividend reinvestment programs, give shareholders the option of reinvesting the amount of a declared dividend into additional shares, which are bought directly from the company. Because shares purchased through a DRIP typically come from the company’s own reserve, they are not marketable through stock exchanges. Shares
The Board of Directors have also determined that the Dividend Reinvestment Plan will apply to the single-tier interim dividend in which the entire 13.5 sen can be elected to be reinvested in new ordinary shares.
