Riyadh – Mubasher: Bank Albilad on Tuesday announced that the board of directors recommended raising capital by 25% to SAR 7.5 billion from SAR 6 billion via bonus shares.
The bank's capital hike will be implemented through liquidating SAR 1.50 billion from the statutory reserve and the retained earnings, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi lender further noted that capital increase aims to enhance its financing resources.
“Bonus shares are limited to the shareholders who are registered in the shareholder's register in the Securities Depository Center (Tadawul) at the closing of the second day of trading after the extraordinary general assembly day, which will be determined later by the bank,” the statement added.
Bank Albilad last reported a 15.6% year-on-year profit increase for the third quarter of 2018, logging SAR 287 million, compared to SAR 248.1 million.
From January to September, the Tadawul-listed bank’s profits went up 14.3% to SAR 819 million, from SAR 716.2 million from in the same period a year earlier.
By 10:11 am Saudi time, Bank Albilad's stock rose 2.78% to SAR 25.90.
