(MENAFN- The Peninsula) The Peninsula
Doha: Ahlibank held its Annual Ordinary and Extraordinary General Meetings yesterday, chaired by sheikh Faisal bin AbdulAziz bin Jassem Al Thani, Chairman of the Board with attendance from the Bank's shareholders. The Annual Ordinary and Extraordinary General Meetings were held in adherence to the precautionary measures taken by the State of Qatar to avoid the spread of (COVID-19).
Ahlibank's Board reported a net profit of QR713m for the year ended 2021 compared to QR680m for the year 2020. The Annual Ordinary General Meeting (AGM) approved the Board's recommendation for distribution of dividends to the shareholders as cash dividend of 15 percent (QR0.15 per share) and 5 percent free shares for the year 2021.
The Annual Extraordinary General Meeting approved the continuation of the $2bn medium-term bond programme (EMTN) and authorising the Board of Directors to update the programme from time to time, pay any tranche and issue new bonds.
The meeting approved the increase of the Bank's capital by the number of free shares approved by the AGM's resolution equal to 5 percent amounting to 121,483,151 shares, such that the Bank's capital becomes 2,551,146,170 shares.
The meeting also approved amendment of a few articles of the Bank's Article of Association and which include amendments to the Commercial Companies' Law by virtue of law No. 8 of 2021.
Sheikh Faisal bin AbdulAziz bin Jassem Al Thani, Chairman of Ahlibank, commented on the Bank's financial performance:“Ahlibank delivered positive results for our Bank in the year 2021.
Net profits reached QR713m, compared to QR680m in 2020. Loans and advances grew, reaching QR33,570m. Investments increased by 22 percent compared to December 2020, reaching QR8,613m, while the Total Capital Adequacy Ratio in December 2021 achieved a healthy rate of 20.62 percent, reflecting the Bank's strong financial position.
The Chairman added:“As a testimony to our stable performance, Moody's has affirmed Ahlibank's A2/Prime-1 deposit ratings. Fitch Ratings has also affirmed Ahlibank's Long Term Issuer Default Rating (IDR) at 'A', pending further review in early 2022.”
Hassan Ahmed AlEfrangi, Ahlibank's CEO said:“Ahlibank delivered a steady performance in a challenging environment. We are pleased to report consistent profit growth driven by operating income.
AlEfrangi added:“The bank achieved positive and stable financial results, with important achievements in many areas including technology and business. Two strategic initiatives during the current year were significant milestones. First was the issuance of $300m Additional Tier 1 Capital in the international markets at a rate of 4%. Second was the successful completion of the fifth bond issuance for $500 Million under its $2bn EMTN Programme in the international debt capital markets. The issue was launched and completed on 29 June 2021. The competitive coupon rate was supplemented by a healthy geographical spilt of international investors. This is a vote of confidence from international investors not only for Ahlibank but also for Qatar.”
AlEfrangi further added that the Bank is focused on customer service and business development. Ahlibank is spearheading its digital transformation with tech-driven solutions built to enhance the value proposition of our offerings to our customers, at the same time engagement with customers and giving them personal service and attention has been the key differentiator for us. The focus on Qatarization will continue in line with Qatar National Vision 2030.
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