Riyadh Bank yesterday said that it is planning to increase its capital from SR4 billion to SR5 billion ($1.3 billion) by a one-for-four share issue financed by a transfer of funds from reserves. The bank said that it would also distribute a SR10 dividend per share for the second half of 2004. If approved by authorities, the proposal will be recommended to the general assembly meeting that is scheduled for February 2005, according to Riyadh Bank Chairman Rashid A. Al-Rashid.
Riyadh Bank shares, which were suspended shortly after announcement at SR553.0, shot up in later trade by the maximum daily limit of 10% to close at SR600.5.
The bank said that its net profits in the first nine months of the year rose by 16.6% to SR1.416 billion ($377.6 million).
Riyadh Bank, the third-largest listed Saudi bank in terms of market capitalization, said that total operating income rose to SR2.498 billion, up 3.5% from a year ago. Assets rose 4.6% to SR73.22 billion, loans and advances rose 17.6% to SR31.98 billion, and total customer deposits gained 5.7% to SR47.48 billion.
Source: SPA
