Riyadh – Mubasher: Riyad Bank plans to issue SAR-denominated additional tier 1 capital sukuk to strengthen its capital base, according to a bourse filing.

The issuance will be offered by way of private placement in Saudi Arabia pursuant to the lender’s SAR 10 billion additional tier 1 capital sukuk programme.

The Saudi bank mandated Riyad Capital to be the sole lead manager for the transaction.

Riyad Bank indicated that the amount will be determined at a later stage based on market conditions, adding that the proposed offer is subject to the approval of the relevant regulatory authorities.

In the nine-month period that ended on 30 September 2024, the Tadawul-listed bank’s net profits hiked by 15.97% year-on-year (YoY) to SAR 7.06 billion from SAR 6.09 billion.