Al Khalij Commercial Bank (Al Khaliji) is “well positioned to achieve excellence in the market with its strong financial position, sustainable profitability and market share,” said its chairman HE Sheikh Hamad bin Faisal bin Thani al-Thani.
He was addressing Al Khaliji shareholders at their Annual General Meeting at the Marriott Marquis Hotel, City Center Doha yesterday.
Presenting the board of directors’ report on the bank’s activities and financial position for 2019, Sheikh Hamad said, “2019 was another successful year for Al Khaliji at all levels. We continued our growth in Qatar thanks to the prudent economic policies and the stable financial system of Qatar. Stability and sustainability were key drivers for growing our balance sheet while managing risk cautiously.
“In 2019, the board of directors approved a new mid-term strategy that aims at achieving sustainable growth, creating added value for all stakeholders and providing better customer service while enhancing and promoting Al Khaliji’s reputation in the banking sector.”
Sheikh Hamad noted that 2019 “marked a significant milestone” in the development of the bank as Al Khaliji inaugurated its new purpose-built head office – Al Khaliji Tower, in the heart of Lusail City.
“Shifting to our new headquarters supports our strategy to build on our growth and deliver improved services to our customers. With our strong financial position, sustainable profitability and market share, Al Khaliji is well positioned to achieve excellence in the market”.
“I present our sincere gratitude and express our admiration, on behalf of the board of directors and the Bank, to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani, and to His Highness the Father Amir, Sheikh Hamad bin Khalifa al-Thani, for their continuous support to the Qatari economy and institutions.
“The board also expresses its gratitude to HE the Prime Minister and Minister of the Interior Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani for his constant support. Our appreciation also extends to HE Sheikh Abdullah bin Saud al-Thani, Qatar Central Bank Governor and to all regulators, in particular, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority and the Qatar Stock Exchange for their unwavering support. I would also like to thank the executive management and all staff of Al Khaliji for their dedication and efforts.”
At this meeting, the shareholders endorsed the financial statements for the fiscal year 2019, which registered a net profit (after tax) of QR646mn for the bank.
During the meeting, the shareholders reviewed and endorsed the external auditor’s report on the bank’s accounts.
They endorsed the financial statements for the fiscal year 2019 as presented to the meeting and approved the board’s proposal to distribute a cash dividend equal to 7.5% of the share nominal value (QR0.075 per share) for 2019, and added the remaining profits to the accounting reserves.
The shareholders also endorsed the external auditor’s report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on the Primary Market issued by the Qatar Financial Markets Authority concerning its compliance with the Corporate Governance Regulations and Internal Control over Financial Reporting.
They also discussed and endorsed the 2019 Corporate Governance Report including the remuneration policy of the board and senior management.
They approved the appointment of Deloitte and Touch as external auditors for fiscal year 2020.
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