Barwa Bank sets eyes on growth fuelled by Qatari economy

Barwa Bank Group convened its annual general meeting (AGM) and extraordinary general meeting (EGM) at the Four Seasons yesterday. Sheikh Mohamed bin Hamad bin Jassim al-Thani, Barwa Bank chairman and managing director, chaired the meeting.During the AGM, all items on the agenda were discussed, such as hearing and approving the Board’s Report for the year that ended December 31, 2018, as well as discussing and approving the group’s future business plans. This also came in line with the approval of the Board’s recommendation to distribute cash dividends amounting to 15% of the nominal value of the shares at the rate of QR1.5 per share.The new Board members were elected for the 2019-2021 term. They are: Sheikh Mohamed bin Hamad bin Jassim al-Thani, Abdul Aziz Mohamed Hamad al-Mana, Sultan Yousif al-Sulaiti, Sheikh Jassim bin Fahd bin Jassim al-Thani, and Nasser Ali al-Hajri. During the assembly, the representatives of the General Authority for Retirement and Social Security were also appointed — Moza Mohamed al-Sulaiti, Ahmed Abdul Razzaq al-Hashimi and Dr Ahmed Mohamed al-Mana, in addition to the appointment of Sheikh Khalid bin Hassan bin Khalid al-Thani as representative of Qatar Holding.The Shariah Supervisory Board has been appointed for the next three years (2019-2021) renewable under the chairmanship of Sheikh Dr Walid bin Hadi; Sheikh Dr Osama al-Durai, executive member; and Sheikh Dr Essam al-Anzi, member of the Board.Barwa Bank chairman and managing director presented a detailed report on the bank’s activities and financial results, highlighting the most important results achieved by the bank in 2018. The group recorded strong growth in each of the financial position and profits, as the net profit for 2018 rose to QR765mn and earnings per share reached QR2.58.“These results were actualised despite the challenges faced banking sector in particular, and the overall market. Such perseverance came at a time during which the economy faced a liquidity freeze, along with an increase funding costs and the challenging decline in oil prices, during which Barwa Bank Group was able to maintain its profitability,” Sheikh Mohamed said.On Qatarisation front, the board of directors shows firm belief in the importance of human capital, which is considered the main factor in the Group’s success and its ability to achieve its goals. Continued efforts are being poured into attracting practically and academically qualified Qatari youth talent to assume their role in leading the Group and bring it to front ranks among Islamic financial institutions.  Regarding future plans, Sheikh Mohamed said “due to the national economy’s provision of promising opportunities and an investment climate” that is comparable to the major economies, the group will spare no effort to gain the largest possible share of financing infrastructure projects and providing all possible support to contribute to the growth of the country’s economy. As such, the decision to merge with International Bank of Qatar was taken as one of the strategic mechanisms to expand and grow, moving towards a promising future and taking Barwa Bank’s positioning to the next level as the fastest growing banks in the region.Following the meeting of the General Assembly, the Board of Directors held its meeting. Sheikh Mohammed bin Hamad bin Jassim al-Thani was elected chairman of the Board of Directors and managing director. Abdul Aziz Mohamed Hamad al-Mana was elected as deputy chairman of the Board, and Talal Ahmed al-Khaja was appointed Secretary of the Board.