24/02/2016 07:42 AST
Al- Khalij Commercial Bank (Al Khaliji) has secured shareholders’ approval yesterday to issue up to QR2bn ($549.2mn) of bonds to boost its core capital.
At the EGM held at the Four Seasons, the shareholders also approved the amended Articles of Association of the Company (AoA) “in order to comply with the requirements” of the Commercial Companies Law No. 11 of 2015 and also “to facilitate” the issuance of Additional Tier 1 Capital. At the annual general assembly meeting, the shareholders endorsed the financial statements for the fiscal year that ended in December 2015, which reflect a net profit (after tax) of QR625.5mn, up from QR562.9mn in 2014.
The shareholders approved the board of director’s proposal to distribute a cash dividend equal to 10% of the bank’s paid-up capital, which translates into QR1 per share.
Al Khaliji chairman and managing director Sheikh Hamad bin Faisal bin Thani al-Thani presented the board of directors’ report on the bank’s activities and financial position for the year that ended in December 2015 and future plans.
Keeping pace with the bank’s growth projections and strategic goals, the board has endorsed several capital backing plans, he said.
“To this end, the board of directors recommends to our esteemed shareholders to approve Al Khaliji’s issuance of Additional Tier 1 Capital instruments in accordance with Basel III standards and relevant regulatory requirements, with a ceiling of QR2bn. These instruments will strengthen the bank’s capital adequacy ratio and provide long term sustainable funding sources that can support the bank’s growth plans,” the chairman said.
On the 2015 activities, Sheikh Hamad said, “In 2015, we successfully completed the implementation of our medium term strategy 2013-2015. Our success is due to effective implementation of the strategy by the board members and strong execution by Al Khaliji’s management team and employees. The positive outcome is reflected in strong profits, robust and consistent growth, and good asset quality.”
In late 2015, Al Khaliji finalised its new strategy, centred on cementing its position among the best banks operating in Qatar, “focused on delivering superior customer service, continued growth, robust revenue streams and sustainable returns for our shareholders,” Sheikh Hamad said.
“The year 2015 marked our A3 first-time rating with a stable outlook by Moody’s. Additionally, Fitch has upgraded Al Khaliji’s credit rating from A to A+, also carrying a stable outlook; a validation of the bank’s solid performance and financial standing.
“Solidifying our firm commitment to the Qatar National Vision 2030 and its key pillars, we continued to drive a heavy push on Qatarisation on a group level. In 2015, Al Khaliji strengthened its local Qatari talent base across its various managerial and leadership levels.
“We have also laid the foundations for our new building in the city of Lusail, which will serve as our headquarters in line with our ambitious growth vision. We continued to further strengthen and instil a corporate governance culture, which has long guided key values of integrity and transparency across Al Khaliji’s business and operations,” Sheikh Hamad said.
“I present our sincere gratitude and admiration, on behalf of the board of directors and the bank, to HH the Emir, Sheikh Tamim bin Hamad al-Thani, and to HH the Father Emir, Sheikh Hamad bin Khalifa al-Thani for their continuous support to the Qatari economy and institutions,” Sheikh Hamad added.
Gulf Times
Please wait...
