Al Khaliji Commercial Bank (Al Khaliji) shareholders have approved the distribution of cash dividends at 7.5% of the nominal share value, which translates into QR0.75 per share.
The cash dividend recommendation was approved at the bank’s general shareholders meeting on Sunday.
Chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani presided over the meeting.
In 2018 higher net fee and commission earnings as well as lower operating expenses and impairments helped Al Khaliji report more than 10% year-on-year growth in net profit to QR608mn.
Net fee and commission income was QR189mn, registering an increase of 4% over last year, the bank had said earlier.
During 2018, the bank continued to review its cost base, thereby reducing the group’s operating costs to QR329mn to deliver an efficiency ratio of 28.8%.
The lender’s liquidity coverage ratio and capital adequacy ratio remain well above the minimum levels required by the Qatar Central Bank. Its balance sheet remains strong and liquid with 30% of total assets comprising cash and high quality investment securities.
The bank was able to bring down non-performing loans ratio to 1.88% in 2018 from 1.94% in the previous year.
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