(MENAFN- The Peninsula) The Peninsula
Doha: The International Islamic Bank's (QIIB) 2022 financial results released yesterday reaffirmed that the bank is moving forward and benefiting from the strength of the Qatari Economy which is achieving the best figures in all sectors as the total assets reached QR56.4 bn compared to QR61.8bn at the end of 2021, with a decline rate of around 8.7 percent.
The bank's operating revenues amounted to QR2,660m, compared to QR2,456m at the end of the previous year, with a growth rate of 8.3 percent, while the total equity increased by the end of 2022 to reach QR9.1bn when compared to QR8.7bn at the end of 2021, with a growth rate of 4.3 percent. As for the total expenses for the current year, it amounted to QR336m compared to QR328m in 2021.
Basel III capital adequacy at the end of 2022 reached 17.7 percent, which demonstrates the strength and durability of the International Islamic Bank's Financial Position, especially in the face of various potential risks. The International Islamic Bank achieved a net profit of QR1,075m, compared to QR1,003m (one billion and three million Qatari riyals) in 2021, i.e. a growth rate of 7.2 percent, while the earnings per share reached 0.64 Qatari riyals per share. The Board of Directors recommended during the Ordinary General Assembly to distribute cash dividends to shareholders, equal to 40% of the bank's capital, at 40 Dirhams per share.
QIIB Chairman Dr. Khalid bin Thani bin Abdullah Al Thani (second right) with other officials of the bank addressing the assembly.
QIIB Chairman Dr. Khalid bin Thani bin Abdullah Al Thani said in our quest towards continuous improvement in performance, the International Islamic Bank adopted strategic planning to cope with the local, regional and international changes to achieve the desired results. He said the latest amendment carried out by the bank is the amendment to its Articles of Association to be in line with the corporate governance amendments for banks issued by the Qatar Central Bank. The Chairman also noted the year 2022 is another year that asserts the strength and resistance of Qatar's economy in the face of all the challenges and new conditions around the world.
In 2022, Qatar continued to advance on all aspects and made great leaps in achieving self-sufficiency in most production and service sectors. Meanwhile the bank approved the following agenda at the Annual General Assembly. The Extraordinary General assembly has been postpone to March 20 and it would be held via zoom at 5.30 P.M.
QIIB CEO Dr. Abdulbasit Ahmed Al Shaibei
Agenda for Annual Ordinary General Assembly:
1) The Board of Directors will present to the bank shareholders its report over the bank's activities and the financial position for the year ended 31/12/2022 and will discuss the bank's future strategies.
2) Present Sharia Supervisory Board report for the year 2022.
3) Present External auditor's report for the financial year 2022 and approve it.
4) Discussion and approval of corporate governance report for the year 2022.
5) Discussion and approval of the bank financial statements for the year ended 31/12/2022.
6) The General Assembly will discuss the Board of Director's recommendations to distribute 40% of the bank capital as cash dividends, equivalent to QR 0.40 per share and approve it.
7) Absolve the Board members from the liabilities for the year ended 31/12/2022,
8) The General assembly will discuss to approve the remuneration prescribed to the board of directors for the year 2022 and present remuneration policy, bonuses, allowances and incentives for the board of directors.
9) Review board of directors' recommendation to issue Sukuk qualified as Tier 2 capital up to US$ 500 million; after obtaining the necessary approvals from the supervisory authorities providing that, the conditions and size of the issuance will be subject to a study of the bank's needs and market conditions.
10) Review board of directors' recommendation to extend last year General Assembly approval of the US$ 1.0 billion based on a study for each issuance and different scales of bank needs after getting all necessary approvals from supervisory authorities. The Sukuk should not exceed the bank's capital and reserves.
11) Review board of directors' recommendation to extend last year General Assembly approval to issue Additional Tier1 Sukuk nonconvertible with the same rules and regulations. Issued Sukuk should not exceed 50% of the bank's capital based on rules set by regulatory authorities in this regard.
12) Review board of directors' recommendation for the appointment of Shariaa supervisory committee for the next three years.
13) Appointment of the board of directors for the upcoming three years and present the policy of board of directors' selection standards.
14) Nomination of the external auditors for the year 2023 and their fees.