Barwa Bank has recorded strong growth rate in financial position and profits, helping it post a QR729.7mn net profit in 2015.
Asset growth exceeded QR45bn, up 18.3%, while the bank’s finance portfolio reached QR28.5bn with a growth rate of 22.6%. Earnings per share reached QR2.46, while customer deposits grew 16.5% to reach QR25.5bn, said Barwa Bank chairman and managing director Sheik Mohamed bin Hamad bin Jassim al-Thani during yesterday’s annual general meeting (AGM). During the meeting, the board approved the distribution of 10% cash dividends of the nominal value of the shares at the rate of QR1 per share.
Sheikh Mohamed said Barwa Bank’s focus in 2015 was to consolidate the bank’s foundation in the local market and to increase market share.
“The growth in the group’s business and the increase in its funding and investment activities were in-line with maintaining asset quality and risk management policies, with total non-performing assets decreasing to 1.4% from 1.6% in 2014.
“Out of the group management’s keenness on increasing shareholder returns and dividends, it has worked on controlling and rationalising the cost base and the adoption of a work structure that is marked by quality, flexibility, and efficiency, as the expenses decreased by 7% during 2015,” Sheikh Mohamed said.
In line with the best practices and the group management’s thrust to boosting investors’ confidence and transparency, Sheikh Mohamed said the bank has received a credit rating from two international rating agencies: A2 from Moody’s and A+ from Fitch. The rating is considered one of the highest in the region, reflecting the strength and solvency of the bank, as well as its sound policies.
Moreover, Barwa Bank Group and its subsidiaries are favoured with great regional and international recognition, as they garnered 15 awards during 2014-2015, including three awards at the Middle East level: “Best Internet Banking Brand,” “Best Mobile Banking Brand,” and the “Best Banking Services Brand in the Middle East,” in addition to being recognised by CPI financial as the “Best Retail Bank for 2015.”
Sheikh Mohamed elected chairman, managing director
Sheikh Mohamed bin Hamad bin Jassim al-Thani was elected as Barwa Bank’s chairman of the board and managing director during the bank’s board of directors meeting yesterday.
Abulaziz Mohamed Hamad al-Mana was elected as the vice chairman, while Talal Ahmed al-Khaja was appointed secretary general.
The new members of the board of directors for 2016-2018 are Sultan Yousef al-Sulaiti, Abdulla Abddul Aziz Alsubayi, and Said Muzkir al-Hajiri.
The board also appointed secretary general representatives, including Aisha Fahad al-Naimi, Moza Mohamed al-Sulaiti, Najla Saleh al-Kuwari, while Jamal Abdelrahman al-Musulmani was appointed representative of Qatar Holding.
The election of the Shariah supervisory board for the next three years was also held on a renewable basis, to be headed by Sheikh Dr Waleed bin Hadi, and Sheikh Dr Ousama Doureihi as an executive member, and Sheikh Dr Issam el-Anzi as secretary member.
The formation of sub-committees to the board of directors was also approved, in addition to members selecting their members and defining their functions and responsibilities.
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