(MENAFN- The Peninsula) The Peninsula
Barwa Bank held yesterday its Ordinary General Assembly and approved all the agenda of the meeting, including the Board's recommendation to distribute 10 percent cash dividends of the nominal value per share (one riyal per share) for the last financial year ended December 31, 2019.
The annual general meeting was presided over by the Bank's Chairman and Managing Director Sheikh Mohammed bin Hamad bin Jassim Al Thani. It was held via video conferencing technology.
The Chairman and Managing Director Sheikh Mohammed presented a detailed report on the activities and financial results of the bank during the past year, where the focus of the report was on completing the full merger process with International Bank of Qatar (ibq), in addition to statistics and financial results for the year 2019 as well as the Bank's future plans.
Addressing the shareholders, Sheikh Mohammed said that the most prominent turning point in the Bank's march was the official completion of the first merger in the history of the banking sector in Qatar, through which Barwa Bank and ibq merged to form a strong, compatible banking entity with the provisions of Islamic Sharia at the local and regional levels, supported by high levels of liquidity and financial solvency pouring into the framework of diversification of the economy and facilitating international investment.
The Board of Directors' report confirmed that the merger took place in a record time that did not exceed 11 months, during which a team worked to ensure that the clients were not affected by the change of programs and procedures, which is a precedent at the level of the region and the world.
The merger of the two banks took place in a transparent and effective manner with the transfer of assets and liabilities of ibq to comply with Sharia principles, with the support of the Sharia Supervisory Board and its contribution to completing the most important process of the transition from the conventional banking system to the Islamic system.
Barwa Bank recorded remarkable growth in both the financial position and profits, as its total revenue increased by 43 percent to reach QR3.3bn, while total assets reached QR77bn, supported by financing assets that exceeded QR51bn, which confirms the Bank's strong performance as well as its efficiency and effectiveness and the plans developed by its administration, which aim to consolidate the Bank's position and leadership in the Qatari market.
These numbers have positively reflected on the rights of shareholders that exceeded QR11.5bn.
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