07/02/2014 08:48 AST

Banque Saudi Fransi has received regulatory approval for a 3 billion riyal ($800 million) capital increase through the issuance of bonus shares, it said in a bourse statement.

The bank, which last month posted its lowest quarterly net profit in at least five years on the back of higher operating expenses, plans to boost its capital to SR12.1 billion from SR9.1 billion by issuing one bonus share for every three existing shares.

Saudi Arabia’s Capital Market Authority approved the capital increase, which will be paid by transferring SR3 billion from the bank’s retained earnings to its capital, it said.

Saudi Fransi had made a net profit of SR274 million in the three months to Dec. 31, a 66.1 percent slump on the same period a year earlier.


Reuters

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