Riyadh – Mubasher: Riyad Bank’s board decided to start the assessment and preparation of a possible Initial Public Offering (IPO) and listing of its subsidiary, Riyad Capital, on the Main Market of the Saudi Exchange.

The bank announced that it will work with Riyad Capital to conduct the procedures required to determine the size, structure and other relevant details of the IPO, according to a bourse filing.

The net profits of Riyad Bank jumped by 14.62% year-on-year (YoY) to SAR 8.04 billion in 2023 from SAR 7.01 billion in 2022.

Total assets at the bank rose by 7.56% YoY to SAR 386.84 billion in 2023 from SAR 359.65 billion.