al khaliji Annual General Assembly Endorses 2015 Financial Statements and Approves Distribution of Cash Dividend

Al Khalij Commercial Bank (al khaliji) Q.S.C. held its Annual General Assembly (AGA) and its Extraordinary General Assembly (EGA) meetings on Tuesday 23 February 2016.

At the Extraordinary General Assembly meeting the shareholders 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. The shareholders authorized the following persons to complete the necessary formalities in respect of the amended AoA: the Chairman of the Board, Vice Chairman, and/or other Board delegate. The EGA also approved the issuance of Additional Tier 1 Capital, in the form of capital instruments to a maximum value of QAR2 billion, in accordance with Basel III and QCB requirements.

At the Annual General Assembly meeting, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2015 which reflect a Net Profit after Tax of QAR 625.5 million, up from QR 562.9 in 2014.

His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman and Managing Director of al khaliji, presented the Board of Directors’ report on the Bank’s activities and financial position for the year ended 31 December 2015 and future plans.

Commenting on the 2015 activities, His Excellency 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.”

During the meeting, the shareholders of al khaliji reviewed and endorsed the External Auditor’s Report on the Bank’s accounts for the fiscal year ended 31 December 2015 and the 2015 Corporate Governance Report. They approved the re-appointment of Ernest and Young as external auditors. Board remuneration was agreed and the members absolved from liability. The shareholders also approved the Board’s proposal to distribute a cash dividend equal to 10% of the Bank’s paid-up capital i.e. QAR 1 per share.

Sheikh Hamad Bin Faisal Bin Thani Al Thani concluded:

“I present our sincere gratitude and admiration, on behalf of the Board of Directors and the Bank, to His Highness the Emir, Sheikh Tamim Bin Hamad Al Thani, and to His Highness the Father Emir, Sheikh Hamad Bin Khalifa Al Thani for their continuous support to the Qatari economy and institutions.

The Board also expresses its gratitude to His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, the Prime Minister and Minister of the Interior for his constant support. Our appreciation is also extended to His Excellency Sheikh Abdullah Bin Saud Al-Thani, the Governor of Qatar Central Bank, for his dedicated efforts to develop Qatar’s banking sector and to all regulators, in particular, the Ministry of Economy and Commerce, the Qatar Financial Markets Authority and the Qatar Exchange for their unwavering support. I would like also to thank the executive management and all staff of al khaliji for achieving the banks’ goals and objectives.

Finally, I reaffirm our commitment to all our stakeholders that we will continue in our efforts to achieve sound and sustainable growth, and to deliver on the goals we have outlined in our new medium term strategy 2016-2018 to enhance future returns and the position of al khaliji in Qatar and the region.”

The Annual General Assembly (AGA) and the Extraordinary General Assembly (EGA) meetings were held at the Four Seasons Hotel and were attended by al khaliji shareholders, Board members, management and staff, and other investors and analysts.