Cairo – Mubasher: The ordinary general meeting (OGM) of Société Arabe Internationale de Banque (SAIB) agreed to increase the lender’s issued and paid-up capital to $331.02 million from $157.50 million.
SAIB will offer 17.35 million bonus shares at a value of $173.52 million over two tranches, according to a bourse filing.
A total of 1.10 million bonus shares will be granted at an amount of $11.02 million from the bank’s profits registered in 2022. Meanwhile, the remaining 16.25 million bonus shares valued at $162.50 million will be financed from the reserves and retained earnings that include 2021’s profits.
It is worth underlining that the shareholders greenlighted the capital hike on 13 September 2023.
In the first half (H1) of 2023, SAIB recorded a 24% year-on-year (YoY) decline in net profit to $12.13 million, compared to $16 million.
Interest income edged down by 1% to $186.52 million in H1-23 from $184.68 million in H1-22, while the earnings per share (EPS) plummeted by 25% to $0.77 from $1.02.
