The resilience of Qatar’s banking sector was demonstrated by the financial results of the country’s banks including Al Khaliji, said bank chairman Sheikh Hamad bin Faisal bin Thani al-Thani.
He was speaking at annual general meeting of Al Khaliji shareholders at Marriot Marquis Hotel yesterday.
Sheikh Hamad said, “2017 was an extraordinary year that witnessed the most serious regional crisis in our modern history that affected all economic sectors, in particular the banking sector. We were however able to successfully withstand this crisis and contain its impact thanks to the unity around our wise leadership, the significant support of the government and the Qatar Central Bank as well as the diligent efforts made by our board and senior management. The success of these efforts is evident in the financial results of the banks including ours, and once again demonstrate the resilience of the banking sector in Qatar”.
The shareholders endorsed the board nominees and appointees who made it to the new board by acclamation for the next three-years as follows: Sheikh Hamad bin Faisal bin Thani al-Thani, re-appointed by QIA/Qatar Holding as chairman; Abdulla Nasser al-Misnad, (non-independent member); Tareq al-Malki, (independent member in the category of business administration in both semi-government and private sectors); Abdul Salam al-Murshidi, (independent member-asset management and international investment); Faisal al-Mana, (independent member-local businesses); Sheikh Mohamed Faisal QF al-Thani (Non-independent member, representative of Al Faisal International for Investments Company), Sheikh Mohamed bin Mansoor MJ al-Thani (Non-independent member- representative of QIA/Qatar Holding), Ebtesam Saleh HH al-Mannai (non-independent member-representative of QIA/Qatar Holding-Qatari) and Abdulla Ali MA al-Kuwari (Non-independent member-representative of QIA/Qatar Holding-Qatari).
At the meeting, the shareholders endorsed the financial statements for the fiscal year that ended in December 2017, which reflects after-tax net profit of QR551mn.
Sheikh Hamad presented the board of directors’ report on the Bank’s activities and financial position for the year that ended on December 31, 2017 and future plans.
The shareholders also approved the board’s proposal to distribute a cash dividend equal to 7.5% of the bank’s paid-up capital, which is QR0.75 per share and appropriation of the remaining profits as proposed in the audited financial statements.
Sheikh Hamad concluded, “I present our sincere gratitude and admiration, on behalf of the board of directors and the bank to His Highness the Emir, Sheikh Tamim bin Hamad al-Thani and to His Highness the Father Emir, Sheikh Hamad bin Khalifa al-Thani for their continuous support to the Qatari economy and institutions.
The board also expressed its gratitude to HE the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa al-Thani, for his constant support. Al Khaliji also extended its appreciation to HE the QCB Governor Sheikh Abdullah bin Saud al-Thani for his dedicated efforts to develop and support Qatar’s banking sector particularly in these challenging times and to all regulators such as the Ministry of Economy and Commerce, the Qatar Financial Markets Authority and the Qatar Stock Exchange.
Sheikh Hamad addressing shareholders at Al Khaliji’s annual general meeting at Marriot Marquis Hotel yesterday.