al khaliji Annual General Assembly Endorses 2016 Financial Statements and Approves Distribution of Cash Dividends

Doha, 20 February 2017

Al Khalij Commercial Bank (al khaliji) Q.S.C. held its Annual General Assembly (AGA) and its Extraordinary General Assembly (EGA) meetings on Monday 20 February 2017.

At the Annual General Assembly meeting, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2016 which reflect a Net Profit after Tax of QAR 427 million.

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 2016 and future plans.

Commenting on the 2016 activities, His Excellency said:

“In 2016, we retained our strong market position while developing the necessary safeguards to ensure our shareholders and clients best interests during relatively uncertain times. al khaliji’s new Mid-Term Strategy 2016-2018 lays the groundwork for further growth and development and is designed to minimize the impact of potential risks. We will continue implementing our strategy with the support of the Board and Executive Management, working towards achieving our stated goals”.

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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 2016 and the 2016 Corporate Governance Report. They approved the re-appointment of Ernest and Young as external auditors for the fiscal year 2017. 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 7.5% of the Bank’s paid-up capital i.e. QAR 0.75 per share.

At the Extraordinary General Assembly meeting the shareholders approved the amended Articles of Association of the Company (“AoA”) in order to comply with Qatar Central Bank’s regulations limiting the ownership of a single shareholder at 5% of the capital of a listed financial institution. 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 subject to necessary regulatory approvals.

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 their dedication and efforts.

Finally, I reaffirm our commitment to all our stakeholders that we will continue in our efforts to achieve sound and sustainable growth, enhance future returns and maintain excellence of our services”.

Both the AGA and EGA meetings was held at the Four Seasons Hotel and were attended by al khaliji’s shareholders, regulators, Board members, management and staff, and other investors and analysts.

-Ends-

For further information on al khaliji, please visit www.alkhaliji.com
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© Press Release 2017