QIB shareholders have given approval to amend the bank’s Articles of Association to comply with the listing condition of dividing the book value per share to QR1 instead of QR10 as per instructions from Qatar Financial Markets Authority.
The approval was given during QIB’s extraordinary general meeting held here Wednesday.
Article 6 of the bank’s Articles of Association was amended following which the company’s capital shall be QR2,362,932,000 divided into 2,362,932,000 shares; each share’s value being QR1.
At the ordinary annual general meeting, QIB shareholders approved the board of directors’ proposal to distribute 50% cash dividends of the nominal value per share, which translates into QR5 per share.
Addressing shareholders, QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said, “Qatar outperformed its regional counterparts in 2018 despite the current political crisis, which the State managed to turn from a challenge to an opportunity for revival and positive initiatives. One evidence was the flow of foreign funds into the banking sector, and the strong performance of the securities markets. Amid all this, QIB maintained its leading position as Qatar?s first and largest Islamic bank, with a market share of 42.3% of total Islamic assets.
The bank?s assets “increased in multiples” to reach QR153.2bn and its profitability grew at a compounded average growth rate of 15.6% in the past five years, allowing the bank to "occupy the second position" among its peer national banks.
Sheikh Jassim said the “bank managed the liquidity pressure” that resulted from the political situation over the last 18 months “efficiently and competently”. In addition to the state’s direct support to financial and banking institutions to build their capacities, QIB expanded its cooperation with financial and banking institutions in many Asian and European countries as well.
“We took internal initiatives to broaden the base of our activities in order to have a balanced liquidity position while maintaining the financial ratios required by local and international regulatory authorities.
“In 2018, our bank laid the foundations for transformation into digital banking, taking the lead in the local market. Long hours of business design, IT development and organisational preparations were spent in cooperation with specialists from a highly qualified international consultancy firm.
“We invested financial and human efforts in the ICT infrastructure to create additional capabilities, provide and upgrade modern technologies, support new solutions, and secure cutting-edge information security systems. QIB took the lead in providing retail and corporate financial services via its advanced mobile and internet applications, in addition to the integrated services it provides through the call centre.”
Sheikh Jassim also said QIB worked to improve the performance and results of its local and foreign subsidiaries and associates.
The bank’s affiliate entities in the UK, Lebanon and Sudan achieved “satisfactory” results. QIB, based on its foreign investment strategy, “exited successfully” its investment in the Asian Finance Bank.
“We continued to modernise and add policies and procedures to ensure the best governance practices and compliance with regulatory requirements, in addition to improving work procedures and documentation systems and management by using the most modern technologies,” QIB chairman added.