Riyadh – Mubasher: The board of Arab National Bank (ANB) recommended a 33.33% capital increase to SAR 20 billion from SAR 15 billion by granting one bonus share for every three owned shares.

The lender will capitalise SAR 5 billion from the retained earnings and statutory reserve accounts, according to a bourse statement.

In this regard, the new capital will be distributed over 2 billion shares, instead of 1.50 billion shares before the hike.

The board members recommended the capital raise, on 7 February 2024, to enhance the bank’s financial solvency.

In 2023, ANB achieved net profits worth SAR 4.07 billion, higher by 32.60% than SAR 3.07 billion a year earlier.