Qatar First Bank (QFB), Qatar’s first independent Shari’ah compliant bank regulated by the QFC Regulatory Authority, reported strong financial results and continued growth in 2014, as net income rose by 13 per cent from QAR 140.5 million (US$ 38.6 million) in 2013 to QAR 158.3 million (US$ 43.5 million) in 2014. The AGM approved the distribution of 8% of paid up share capital to QFB shareholders.
QFB, in its sixth full year of operation, invested a total of QAR 473 million (US$ 130 million) in 2014.
The Bank’s audited financial results for 2014 were approved at its AGM held on the 31st of March 2015 at the la Cigal Hotel. Presenting an overview of QFB’s activities and financial statements for the year ended 31 December 2014, Abdulla Bin Fahad Bin Ghorab Al Marri, QFB’s Chairman, commented:
“2014 has been another successful year for QFB. In the past year we have seen uneven recovery in the global economy, with overall growth lower than anticipated and oil prices witnessed the sharpest drop in four years.
However Qatar has enjoyed growth above the regional average, while financial stability remains a top priority, with the government pursuing policies of lower public borrowing, ensuring steady and sustainable growth.
We are pleased with the 2014 outcome, we look to the future with a great optimism and we believe QFB is well placed to take advantage of the growth opportunities in the region, and in Qatar itself.”
Ahmad Meshari, QFB Acting Chief Executive Officer, commented:
“Despite the challenges faced by the banking industry in our target markets, QFB delivered another strong performance in 2014. QFB produced healthy returns by securing the lucrative investment opportunities and building upon our existing investment portfolio. In 2014 we were able to roll out several strategic initiatives to streamline our business, and expand our Private Banking & Wealth proposition. We will continue to drive business forward, seize viable investment opportunities, offer our clients with niche products and services and maximize our shareholders’ returns.”
The Shari’ah Supervisory Board Report and the Auditor’s Report for the year ended 31st December 2014 were also presented to the AGM. The meeting also elected the Bank’s auditors for a period of twelve months.
Since its inception QFB has invested QAR 2.4 billion in 21 transactions across various sectors including energy, financial services, industrials, real estate and healthcare across the GCC, MENA, Turkey and in the United Kingdom.