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Barwa Bank’s AGM approves 15% cash dividend for shareholders

Barwa Bank’s AGM approves 15% cash dividend for shareholders

Barwa Bank Group yesterday convened its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), and approved all the items on the agenda of the meetings, including the Board’s recommendation to distribute cash dividends of 15 percent of the nominal value of the shares (QR1.5 per share).

The Group reported a strong growth in its net profit for 2018 which rose to QR765m, and earnings per share reached QR2.58. The AGM, which was presided over by Sheikh Mohamed bin Hamad bin Jassim Al Thani, Chairman of the Board and Managing Director of the Bank, discussed and approved the group’s future business plans.

The Bank’s Chairman noted that given the promising investment opportunities in Qatar, the Group will spare no effort to gain the largest possible share of financing infrastructure projects aiming to increase shareholders’ returns.

The General Assembly agenda also included discussions on the report of the Shariah Supervisory Board, approval of the 2018 financial statements, as well as approving the Board of Directors remuneration, along with the appointment of external auditor and their fees for the financial year 2019.

The new Board members were elected for the 2019 – 2021 term, which included Sheikh Mohammed bin Hamad bin Jassim Al Thani, Abdul Aziz Mohammed Hamad Al Mana, Sultan Yousif Al Sulaiti, Sheikh Jassim bin Fahd bin Jassim Al Thani, and Nasser Ali Al Hajri.

During the meeting, the representatives of the General Authority for Retirement and Social Security were also appointed, which included Moza Mohammed Al Sulaiti, Ahmed Abdul Razzaq Al Hashimi and Dr Ahmed Mohammed Al Mana, in addition to the appointment of Sheikh Khalid bin Hassan bin Khalid Al Thani as representative of Qatar Holding.

On the Qatarization front, the board of directors showed firm belief in the importance of human capital, which is considered the main factor in the Group’s success and its ability to achieve its goals. Continued efforts are being poured into attracting practically and academically qualified Qatari youth talent to assume their role in leading the Group and bring it to front ranks among Islamic financial institutions.

The distribution of the dividend cheques for the financial year of 2018, will begin from March 17, 2019, and will take place during official working hours at the Barwa Bank’s main branch located at Grand Hamad Street.