Qatar PR Network, Online Press Release from qatar and Doha city
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Barwa Bank's Agm Approves 14% Cash Dividend for Shareholders
Barwa Bank's Agm Approves 14% Cash Dividend for Shareholders
  • A strong performance in total asset standing at 48,6  billion QR, driven by a strong growth in the finance portfolio that reached 31.7 billion QR.
  • Customer deposits reached 26.5 billion QR.
 Doha – Qatar, April 04, 2018:  Barwa Bank, Qatar's most progressive Shari’ah compliant financial service provider, convened its Annual General Meeting (AGM) on 3rd April 2018, chaired by HE Sheikh Mohamed Bin Hamad Bin Jassim Al Thani, Chairman of the Board and Managing Director, with an 82% shareholder attendance, at the Four Seasons Hotel.
 
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, 2017, 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 14% of the nominal value of the shares at the rate of 1.4 per share, along with the validation of the External Auditor's Report of the year ending December 31, 2017 and discussing the bank’s balance sheet for the year, including profits and losses. 
 
The Assembly agenda also included discussion on the report of the Shariah Supervisory Board, approval of the 2017 financial statements, as well as approving the Board of Directors remuneration along with the appointment of external auditor and their fees for the financial year 2018.  
 
Exceptional results
 
H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Barwa Bank’s 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 2017. The Group recorded strong growth in each of the financial position and profits, as the net profit for 2017 rose to QR 754.3 million and earnings per share reached QR 2,54.
 
These results were actualized 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 negative decline in oil prices, during which Barwa Bank Group was able to maintain its profitability and increase its market share.
 
The focus in 2017 was directed to consolidate the bank's foundation in the local market and to increase its market share, as the Group showed a strong performance represented by an asset growth reaching up to QR 48.6 billion, driven by a strong growth in the financing portfolio, which amounted to QR 31.7 billion at a growth rate of 6.4%, while customer deposits stood at QAR 26.5 billion.
 
The growth in the Group's business and the increase in its funding and investment activities, go in line with maintaining asset quality and risk management policies. The Group has worked on controlling and rationalizing the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency.
 
Qatarization 
With the board of directors’ 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. Today, the presence of young Qatari profiles in the Group's administrative positions is 30%.
 
Future plans 
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. The Group will also continue, by all means, working to increase shareholders returns through an expansion in activity in the State of Qatar. 
 
Distribution of Dividend Checks
The distribution of the dividend checks for the fiscal year of 2017, beginning from Wednesday 4th April 2018, will take place during official working hours, at the Barwa Bank main branch located at Grand Hamad Street. At which point their dividends will be deposited directly in to the shareholders accounts, listed on the Barwa Bank shareholder register.

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 2200 times
PR Category : Banking & Investments
Posted on : Wednesday, April 4, 2018  12:13:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of QatarPRNetwork.com.
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Cerruti 1881 MOLVENO timepiece and cufflinks [18237-Views]
NARSissist Wanted Eyeshadow Palette Get More Views [15969-Views]
NARSissist Wanted Cheek Palettes I & II Raise Your Profile [12550-Views]
The Trendiest Fall/Winter 2018 Accessories From Etoile ‘La Boutique' [10746-Views]
Kindle Devices Now Available on SOUQ.com [8225-Views]
NARS Erdem SS19 Beauty Report [7872-Views]
Huawei Consumer Business Group Announces 2018 H1 Business Results [7134-Views]
Diana Arno Expands Online Shopping to Middle East [6855-Views]
Aseel Al-Hamad tells CNN: Nothing is impossible [5568-Views]
Huawei Launches Kirin 980, the World's First Commercial 7nm SoC [5277-Views]
FOREO To Attend TFWA: the World's Largest Travel Retail Show [4358-Views]
Clean Air in Classrooms Improves Student Performance [3760-Views]
Huawei becomes one of the first multi-national technology companies to register with one hundred per... [1718-Views]
Burgan Bank's New In-house Learning & Development Center alongside Agreement with “Knowledge Club 20... [1685-Views]
WOQOD Net Profit Amounted to 503 Million Qatar Riyals at the end of the first half of 2018 [1382-Views]
Qatar Finance and Business Academy holds the free IFRS course update in collaboration with IMA Qatar... [1283-Views]
Northwestern Alumnus/Hollywood Producer to Speak at NU-Q Convocation [1279-Views]
Huawei Announces EMUI 9.0, an Android Pie-Based Operating System Designed to Enhance Users' Quality ... [1222-Views]
QIC Group reaffirms its commitment to CSR through partnership with Dreama [1128-Views]
Get ready to indulge into the weekend full of unique experiences at Simaisma, a Murwab Resort [1017-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories