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04 April 2017
By Mohammad Shoeb
Shareholders of QIIB yesterday gave their approval to all items on the agenda of the Annual General Assembly Meeting (AGM) , including extension of their approval to issue an up to $700m Sukuk, and also the recommendation of the Board of Directors to distribute cash dividends of QR4 per share, equivalent to 40 percent of capital.
Seeking extension of its approval for the fresh issuance of Sukuk (which is part of the up to $2bn Sukuk programme approved in 2013 AGM), and extension of approval to issue Additional Tier1 Sukuk nonconvertible into an ordinary shares up to QR3bn ( QR1bn issued during 2016) over three years, were some of the important agenda of yesterday’s AGM.
“We got the approval from today’s AGM to go ahead for the senior and secured Sukuk, and also for Tier1 Sukuk. Our normal Sukuk of $700m (issued earlier) will mature in October. So we might replace it with the same amount, or less than that amount, which will depend on the requirements of funds,” Abulbasit Al Shaibei, CEO of QIIB told The Peninsula on the sidelines of the meeting.
Commenting on the Bank’s plans for the expansion in Qatar, Al Shaibei, said: “ We are focusing on shopping centres, and expecting to have the total number of our branches grown to 24 by the end of this year, which include relocation of some existing branches with in the country.”
On foreign investment plans, he said that QIIB is still active in financing small businesses outside Qatar, but it would be too early to think about expanding its banking operations in other places until it fully establishes in Morocco, where it is expected to begin its banking operations very soon.
Elaborating further on the Sukuk issuance, Al Shaibei said that one of the approval is for Tier1 Sukuk which is related to owners equity, while the other is part of financing Sukuk for five years.
Despite economic slowdown and volatile oil prices, QIIB maintained its strong performance. The Bank’s total revenues in 2016 reached at QR1.71bn with an increase of about 8 percent compared to the year 2015, while net profits for the year amounted to QR784.7m against QR784.1m for the year 2015. Earlier during the AGM, which was presided over by Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of the Bank, said: “QIIB was capable of achieving growth during the past year in the most important financial indicators such as investments, deposits and assets portfolios, among others, thus helping the Bank preserve the high ratings assigned to it by global credit rating agencies.
This reflects the regulated implementation of the Bank’s interim plans and strategy and our ability to benefit from the strength of the Qatari Economy, which is considered as the strongest and best performing economy in the region and the most capable of confronting the markets’ fluctuations and challenges imposed by external developments, with the testimony of experts and specialists.”
Sheikh Khalidd added: “These figures encourage us to make more efforts and achieve better results. We build on the fact that the Qatari economy provides rich opportunities and that, through our participation in the numerous projects therein, we can achieve growth while contributing to the ambitious development plans of the various economic sectors.”
By Mohammad Shoeb
Shareholders of QIIB yesterday gave their approval to all items on the agenda of the Annual General Assembly Meeting (AGM) , including extension of their approval to issue an up to $700m Sukuk, and also the recommendation of the Board of Directors to distribute cash dividends of QR4 per share, equivalent to 40 percent of capital.
Seeking extension of its approval for the fresh issuance of Sukuk (which is part of the up to $2bn Sukuk programme approved in 2013 AGM), and extension of approval to issue Additional Tier1 Sukuk nonconvertible into an ordinary shares up to QR3bn ( QR1bn issued during 2016) over three years, were some of the important agenda of yesterday’s AGM.
“We got the approval from today’s AGM to go ahead for the senior and secured Sukuk, and also for Tier1 Sukuk. Our normal Sukuk of $700m (issued earlier) will mature in October. So we might replace it with the same amount, or less than that amount, which will depend on the requirements of funds,” Abulbasit Al Shaibei, CEO of QIIB told The Peninsula on the sidelines of the meeting.
Commenting on the Bank’s plans for the expansion in Qatar, Al Shaibei, said: “ We are focusing on shopping centres, and expecting to have the total number of our branches grown to 24 by the end of this year, which include relocation of some existing branches with in the country.”
On foreign investment plans, he said that QIIB is still active in financing small businesses outside Qatar, but it would be too early to think about expanding its banking operations in other places until it fully establishes in Morocco, where it is expected to begin its banking operations very soon.
Elaborating further on the Sukuk issuance, Al Shaibei said that one of the approval is for Tier1 Sukuk which is related to owners equity, while the other is part of financing Sukuk for five years.
Despite economic slowdown and volatile oil prices, QIIB maintained its strong performance. The Bank’s total revenues in 2016 reached at QR1.71bn with an increase of about 8 percent compared to the year 2015, while net profits for the year amounted to QR784.7m against QR784.1m for the year 2015. Earlier during the AGM, which was presided over by Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of the Bank, said: “QIIB was capable of achieving growth during the past year in the most important financial indicators such as investments, deposits and assets portfolios, among others, thus helping the Bank preserve the high ratings assigned to it by global credit rating agencies.
This reflects the regulated implementation of the Bank’s interim plans and strategy and our ability to benefit from the strength of the Qatari Economy, which is considered as the strongest and best performing economy in the region and the most capable of confronting the markets’ fluctuations and challenges imposed by external developments, with the testimony of experts and specialists.”
Sheikh Khalidd added: “These figures encourage us to make more efforts and achieve better results. We build on the fact that the Qatari economy provides rich opportunities and that, through our participation in the numerous projects therein, we can achieve growth while contributing to the ambitious development plans of the various economic sectors.”
© The Peninsula 2017
