01 March 2017
Barwa Bank Group said it will spare no effort to gain the largest possible share of financing infrastructure projects in the country.
In his report presented at the bank’s AGM, Barwa Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani said due to the national economy’s provision of promising opportunities and an investment climate comparable to the major economies, the bank will spare no effort to gain the largest possible share of financing infrastructure projects and providing all possible support to the growth of the country’s economy.
The group will also continue, by all means, working to increase shareholders returns through an expansion in activity in Qatar, he said.
The AGM approved the board’s recommendation to distribute cash dividends amounting to 13.5% of the nominal value of the shares at the rate of QR1.35 per share.
The group recorded strong growth in each of the financial position and profits, as net profit for 2016 rose to QR738.8mn and earnings per share reached QR2.49.
“These results were actualised despite the challenges facing the banking sector in particular, and the overall market. Such perseverance came at a time when the economy faced a liquidity freeze, along with an increase in funding costs and the negative decline in oil prices. But Barwa Bank Group was able to maintain its profitability and increase its market share,” a statement said.
The “focus in 2016 was directed to consolidate” the bank’s foundation in the local market and to increase its market share as the group showed a strong performance represented by an asset growth reaching up to QR46bn, driven by a “strong” growth in the financing portfolio, which amounted to QR29.8bn, up 4.5% on the previous year, while customer deposits stood at QR29.9bn, a growth of 17.7%.
The growth in the group’s business and the increase in its funding and investment activities, go in line with maintaining asset quality and risk management policies, with total non-performing loans accounting for just 1.5% of the net financing portfolio.
“Out of the management’s keenness on increasing shareholder returns and dividends, it has worked on controlling and rationalising the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency, as the expenses decreased by 5.6% during 2016,” Barwa Bank said.
The bank said the distribution of the dividend cheques for 2016 will begin on March 6 during official working hours at the Barwa Bank main branch on the Grand Hamad Street. Dividends will be deposited directly into the shareholders accounts, listed on the Barwa Bank shareholder register, it said.
© Gulf Times 2017