Qatar First Bank (QFB) gained QR24mn by exiting some ventures and its dividend earnings from investment portfolio doubled to QR25.5mn in 2017.
The lender’s income from financing assets increased by QR12.6mn to QR82mn, while income from placement with financial institutions stood at QR25.6mn, mainly derived from cash deployment in Shariah-compliant money market funds.
These were disclosed by QFB chairman Abdulla bin Fahad bin Ghorab al-Marri to shareholders at the general assembly meeting. However, the EGM was postponed to a date to be announced, to allow a sufficient number of shareholders to approve the proposed Special Resolutions.
QFB fully exited Westbourne House and Amanat Holdings as well as the partially exited Avivo Group and Lion Air at favourable returns to its shareholders.
In line with its new strategy, QFB continues to explore exit opportunities to realise value from private equity investments and gradually move to a less capital-intensive business model, the bank said.
Highlighting that many of its portfolio companies performed well in 2017, QFB said David Morris has successfully continued its expansion, opening new boutiques in Paris and Doha, with further expansion expected in 2018.
Cambridge Medical and Rehabilitation Centre grew its revenues 39% and increased its profitability.
“2017 was a challenging year for all financial institutions in the country, amid the ongoing illegal blockade imposed on Qatar by some neighbouring GCC countries, which impeded the flow of business both locally and regionally,” al-Marri said, adding Qatar’s economy, however, has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, and continues to do so.