Dividends dropped by 45.4 percent, reaching $8 billion compared to $14.6 billion in fiscal year of 2019 RIYADH: GCC banks’ cash dividends fell by almost half last year, highlighting the coronavirus pandemic impact, according toa Kamco Invest report. Dividends dropped by 45.4 percent, reaching $8 billion compared to $14.6 billion in fiscal year of 2019. Bahraini banks made the biggest percentage cuts to dividends at 72.4 percent while Saudi banks were next, cutting their cash dividends by 64.1 percent. UAE-listed banks slashed dividends by about two thirds. Qatari lenders recorded the smallest decline during the year with dividends dropping by a quarter. The cuts came partly as a result of restrictions from regulators in exchange for relaxing capital requirements. UAE banks continued to account for the biggest share of the regional banking balance sheet with total assets of $818 billion followed by Saudi Arabia at $673 billion.