Doha Bank Recommends the Distribution of 30% of the Paid-up Capital as a Cash Dividend to the Shareholders for the Year 2017
His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BOD) in its meeting held on 23rd of January, 2018 has approved the draft of the Bank’s audited financial statements for the year ended 2017. His Excellency added that the net profit of the Bank for the year 2017 is QR 1,110 million as compared with QR 1,054 million in the year 2016. At the same meeting, the BOD has decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR (3) per share to the shareholders. Following are the board resolutions:
- Approved the draft of the audited financial statements of the year 2017.
- To submit a recommendation to the Ordinary General Assembly to distribute cash dividends to the shareholders for QR (3) per share.
- To submit a recommendation to the AGM to approve the following:
- Issuance of Debt Notes “Bonds” by using Doha Bank’s EMTN programme valuing US$ 2 Billion.
- Reduce the minimum amount per issuance under commercial papers programme from US$ 50 Mn to US$ 1.0 Mn which was approved earlier by the Shareholders in it’s meeting held on 10/5/2016.
- To call the Ordinary and Extra Ordinary General Assembly of the Shareholders for a meeting on the 7th of March 2018, and in the event the quorum is not met, a second meeting will be held on the 14th of March 2018.
- Approved the Agenda of the Ordinary and Extra Ordinary General Assembly Meeting of the shareholders.
Furthermore, His Excellency said that the Bank has achieved noticeable growth rates in many financial indicators. The total assets rose by QR. 3.1 billion from QR 90.4 billion in 2016 to QR 93.5 billion in 2017 i.e. a growth rate of 3.5%. Loans & advances rose from QR 59.2 billion in 2016 to QR 59.8 billion in 2017 i.e. a growth rate of 1.0%. The customer’s deposits grew by 6.7%, where the total deposits increased from QR 55.7 billion in 2016 to QR 59.5 billion in 2017. The total shareholders’ equity reached to QR 14.8 billion by year end with an increase of 10.7% compared to last year.
H.E. Sheikh Fahad also declared that as of December 31, 2017 the earnings per share was QR 3.02 and the return on average shareholders’ equity was 11.9% and the return on average assets was 1.21%.
H.E. Sheikh Fahad added that the audited financial statements, declared net profit, proposed cash dividends percentage and the recommendations related to debt notes and commercial papers are subject to the approval of the concerned regulatory authorities and the General Assembly of the Shareholders. He also said that the Board of Directors and the Executive Management will work together to achieve greater results and achieve the objectives that are outlined in the Bank’s strategy for the coming five years.
Fahad bin Mohammed bin Jabor Al Thani,
Chairman