Posted on February 27, 2018

Al Khalij Commercial Bank (al khaliji) P.Q.S.C. held the Annual General Meeting of Shareholders (“AGM”) on Tuesday 27 February 2018.

At the meeting, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2017 which reflect a Net Profit after Tax of QAR 551 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 2017 and future plans.

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Commenting on the 2017 activities, His Excellency said: “2017 was an extraordinary year that witnessed the most serious regional crisis in our modern history that affected all economic sectors, in particular the banking sector. We were however able to successfully withstand this crisis and contain its impact thanks to the unity around our wise leadership, the significant support of the government and the Qatar Central Bank as well as the diligent efforts made by our Board and Senior Management. The success of these efforts is evident in the financial results of the banks including ours, and once again demonstrate the resilience of the banking sector in Qatar”.

During the meeting, the shareholders of al khaliji reviewed and endorsed the External Auditor’s Report on the Bank’s accounts, considered and endorsed the financial statements for the fiscal year ended 31 December 2017 as well as the 2017 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 the fiscal year 2018. 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 and appropriation of the remaining profits as proposed in the audited financial statements.

Finally, the shareholders endorsed the Board nominees and appointees who made it to the new Board by acclamation for the next three-year mandate 2018/2019/2020 as follows:

  1. Sheikh Hamad Bin Faisal Bin Thani AL Thani, re-appointed by QIA/Qatar Holding as Chairman
  2. Mr. Abdulla Nasser AL Misnad, Non Independent member
  3. Mr. Tareq Al Malki, Independent member in category of business administration in both semi-government and private sectors
  4. Mr. Abdul Salam Al Murshidi, Independent member in category of asset management and international investment
  5. Mr. Faisal Al Mana, Independent member in category of local businesses
  6. Sheikh Mohamed Feisal Q F AL-Thani, Non-Independent member, representative of Al Faisal International for Investments Company  
  7. Sheikh Mohamed Bin Mansoor MJ AL Thani, Non-Independent member, representative of QIA/Qatar Holding LLC
  8. Ms. Ebtesam Saleh HH Al Mannai, Non-Independent member, representative of QIA/Qatar Holding LLC (Qatari)
  9. Mr. Abdulla Ali M A AL-Kuwari, Non-Independent member, representative of QIA/Qatar Holding LLC (Qatari)

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 and support Qatar’s banking sector particularly in these challenging times and to all regulators, in particular, the Ministry of Economy and Commerce, the Qatar Financial Markets Authority and the Qatar Stock 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.

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Finally, I would like to thank our shareholders and customers for their confidence and continued support to al khaliji and reaffirm our commitment to achieve sound and sustainable growth and further success. The AGM was held at the Marriot Marquis Hotel, City Center Doha, and was attended by al khaliji’s shareholders, regulators, Board members, management and staff, and other investors and analysts.