Saudi National Bank (SNB) has closed the offering of SAR-denominated Additional Tier 1 Sukuk at a value of SAR 3.30 billion.

Based on the minimum denomination and total issue size, the total number of Sukuk reached 3,300 notes at a par value of SAR 1 million each, according to a bourse disclosure.

Meanwhile, the annual rate of return of the perpetual Sukuk stood at 5%, starting from the issuance date and until the beginning of 15 September 2027. Furthermore, the bank pointed out that the rate of return will be reset on the mentioned date and every five years thereafter in case the Sukuk notes are note redeemed, purchased, or cancelled on or prior to the set date.

The Saudi lender recently announced the commencement and settlement dates of the offering.

During the January-June 2022 period, the net profits of SNB increased by 58.82% year-on-year (YoY) to SAR 9.09 billion from SAR 5.72 billion.