(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: 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.
Ahlibank's Board reported a net profit of QR837m for the year ended 2023 compared to QR772m for the year 2022.
The Annual Ordinary General Meeting approved the Board's recommendation for the distribution of dividends to the shareholders as cash dividend of 25% for the year 2023.
The Annual Extraordinary General Meeting approved increasing the foreigners' ownership limit to be 100%, 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.
Sheikh Faisal bin AbdulAziz bin Jassem Al Thani, Chairman of Ahlibank said:“. The Bank remains committed to the principles of good governance and has dedicated efforts to the development of its strategy for environmental, social governance, and sustainability, aligning with its role in community development. A specialized consulting firm has been engaged to formulate and implement the bank's strategy in accordance with regulatory instructions. Consequently, Ahlibank has introduced environmental and social initiatives, reinforcing its commitment to sustainable development in the years to come.”
The Chairman added:“The Board is pleased to announce positive results for our Bank in 2023. Net profits reached QR837m, compared to QR772m in 2022 an increase of 8.4% compared to same period last year. Loans and advances grew by 2.1%, reaching QR34,754m. Customer deposits increased by 2.4% to QR29,645m. While the Total Capital Adequacy Ratio in December 2023 stood at 21.04%, reflecting the Bank's strong financial position.
Commenting on the bank's performance, Hassan Ahmed AlEfrangi, Ahlibank's CEO, affirmed:“The Bank achieved satisfactory results with an improvement in profitability and financial indicators. We continued to implement our strategies, offering innovative banking solutions, products, and excellent service, aligning with QCB's 3rd Financial Sector Strategy.”
AlEfrangi stated,“Furthermore, we launched various campaigns to promote our products and services, including Personal and Mortgage Loan campaign, International Cards Campaign, Salary Transfer Campaign, Ramadan Campaign, and Qatar Airways Campaign. These campaigns have been instrumental in raising awareness and driving customer engagement across different segments. Additionally, we emphasized our commitment to safeguarding customer information and financial transactions through robust processes, continuous system improvement, and advanced transaction monitoring and fraud systems.”
MENAFN28022024000063011010ID1107913366
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.