Banque Saudi Fransi “BSF” (1050) has raised SAR 3 billion by issuing additional SAR-denominated Tier 1 sukuk through a private offering.
Details
The “additional sukuk” is part of the company’s wider SAR 8 billion Additional Tier 1 Capital Sukuk Programme.
So what
The perpetual sukuk has no specified maturity date, with a 6% annual yield.
The bank will channel proceeds from the issuance to strengthen its capital base.
Some context
In January, BSF issued dollar-denominated sukuk worth USD 700 million with a 5% annual yield.
It also issued a five-year sukuk worth USD 900 million mid-last year with a 4.75% annual yield.
The bank’s net profit exceeded SAR one billion from April to June, marking a 5% YoY uptick.
Its net profit grew 6% in the first half of 2024, surpassing SAR 2 billion.
