Riyadh – Mubasher: The board of Bank Albilad has recommended a 33.33 % capital raise to SAR 10 billion from SAR 7.5 billion by granting one bonus share for every three shares to the bank's shareholders.

To increase the capital, SAR 2.5 billion will be capitalised from the retained earnings, according to a bourse filing on Tuesday.

The number of shares after the capital increase would reach 1 billion.

This step aims to enhance the bank's financial solvency and retain its resources in operational activities.

The increase in capital and the number of shares granted are subject to the approval of the official authorities and the extraordinary general meeting (EGM).

It is noteworthy to mention that during the third quarter (Q3) of 2021, the bank achieved net profits worth SAR 449.7 million, up by 17.5% from SAR 382.6 million in Q3-20.