Riyadh – The shareholders of Bank Aljazira agreed to increase the lender’s capital to SAR 10.25 billion from SAR 8.20 billion, according to a bourse disclosure.

The lender will capitalise SAR 2.05 billion from the statutory reserve account by granting one bonus share for every four owned shares.

Meanwhile, the new capital will be distributed over 1.02 billion shares, compared to 820 million shares before the hike.

Last January, the board members recommended the 25% capital raise to reinforce the bank's capital base in line with its strategic goals.

The Capital Market Authority (CMA) greenlighted the transaction on 18 March 2024, while the extraordinary general meeting (EGM) granted its approval on 24 April.

As of 31 December 2023, Bank Aljazira witnessed 8.03% lower net profits at SAR 1.02 billion, an annual decline from SAR 1.10 billion.

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