The shareholders of Al-Rajhi Bank will vote during the extraordinary general assembly meeting, this evening, Sunday, on the recommendation of the Board of Directors to increase the bank’s capital by granting free shares.
According to a previous disclosure by the bank, the total amount of the increase is 15 billion riyals, so that the capital after the increase becomes 40 billion riyals instead of 25 billion riyals before the increase by 60%.
The number of shares after the increase becomes 4 billion shares instead of 2.5 billion shares before the increase.
The increase aims to enhance the bank’s resources, which will contribute to achieving good growth rates in the coming years.
The increase will be done by capitalizing an amount of 15 billion riyals from the retained earnings account by granting 3 shares for every 5 shares owned.
Shareholders vote on the decision of the Board of Directors regarding the dividends distributed to shareholders for the first half of the fiscal year 2021 at 1.4 riyals, or 14% of the nominal share value.
Al-Rajhi Bank’s profits rose by 23.9% in the first quarter of 2022, to 4.1 billion riyals, compared to 3.3 billion riyals in the first quarter of 2021.
