SAIB approves issued, paid-up capital increase to $320mn

SAIB Board of directors approved a decision to increase issued and paid-up capital to $320 million up from $157.5 million. The increase will be financed from retained reserves and earnings.

The issued and paid-up capital will be distributed to the shareholders as a bonus share in proportion to their share in the capital; equivalent to 1.03-for-1 of the bank’s share before the capital increase.

The Bank's Board of Directors approved the amendment of Articles of Association No. 6 and 7 and authorize the Chairman and Managing Director to make any necessary amendments.

SAIB has achieved a net profit of $26.479 million by the end of the third quarter of 2022, compared to $17.167 million in September 2021, with a growth rate of 87%, according to its latest financial results.

However its consolidated profit recorded $38.884 million at the end of September 2022, compared to $36.781 million in the same period last year with a growth of 6%.