Al Khaliji, a new generation lender, has put in place a medium term strategy that will run until 2018 to further enhance its growth with a focus on minimising potential risks.
“Al Khaliji’s new mid-term strategy 2016-2018 lays the groundwork for further growth and development and is designed to minimise the impact of potential risks,” its chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani told shareholders at the annual general assembly.
The meeting saw shareholders endorse the financial statements for the fiscal year ended December 31, 2016 which reflected a net profit after tax of QR427mn.
Highlighting that in 2016, the bank retained its strong market position while developing the necessary safeguards to ensure shareholders and clients’ best interests during relatively uncertain times; Sheikh Hamad said “we will continue implementing our strategy with the support of the board and executive management, working towards achieving our stated goals”.
The shareholders also approved the board’s proposal to distribute a cash dividend equal to 7.5% of the bank’s paid-up capital i.e. QR0.75 per share.
The ordinary general assembly also approved the re-appointment of Ernst and Young as external auditors for the fiscal year 2017.
At the extraordinary general assembly meeting, shareholders approved the amended Articles of Association of the company in order to comply with Qatar Central Bank’s regulations limiting the ownership of a single shareholder at 5% of the capital of a listed financial institution.
The shareholders authorised the chairman of the board, vice chairman and/or other board delegate subject to necessary regulatory approvals to complete the necessary formalities in respect of the amended Articles of Association.
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