Riyadh – Mubasher: Bank Albilad announced the board’s proposal to increase its capital by granting one bonus share for every five shares, according to a bourse filing.
The lender will capitalise SAR 1.50 billion from the retained earnings and SAR 1 billion from the statutory reserves account to implement the capital hike.
The 20% increase in capital aims to enhance the bank’s financial solvency and retain its resources in operational activities.
Following the transaction, the new capital will stand at SAR 15 billion distributed over 1.50 billion shares, instead of SAR 12.50 billion and 1.25 billion shares.
The board members recommended the transaction on 6 February 2025, yet, it is still subject to the approval of the extraordinary general assembly.
Bank Albilad recently disclosed its annual financial results, recording net profits valued at SAR 2.80 billion as of 31 December 2024, up 18.47% from SAR 2.36 billion in 2023.
