Riyadh – Mubasher: The shareholders of Alinma Bank greenlighted the board’s proposal to increase the capital by SAR 5 billion from the retained earnings by way of granting one share for every four shares.

The lender’s extraordinary general meeting (EGM) approved the 25% capital raise on 23 April 2024, according to a bourse disclosure.

Following the transaction, the new capital will stand at SAR 25 billion distributed over 2.50 billion shares, compared to SAR 20 billion and 2 billion shares.

The board members recommended the capital increase to reinforce the bank’s financial position which contributes to achieving its strategic objectives.

Meanwhile, the Capital Market Authority (CMA)granted its approval on 26 March 2024.

On the financial level, Alinma Bank witnessed 34.45% year-on-year (YoY) higher net profits at SAR 4.83 billion in 2023, compared to SAR 3.59 billion.