Sheikh Faisal bin Thani Al Thani: QFB improved its balance sheet and overall liquidity position in 2020 thanks to increasing operational efficiency and expenditures rationalization.
Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ) held its Annual General Meeting (AGM) on Monday 5 April 2021.
Due to an incomplete quorum, QFB’s Extraordinary General Assembly Meeting (EGM) was adjourned to Monday 12 April 2021 at 3:30pm and will be held virtually via Zoom.
The Annual General Assembly Meeting (AGM) was held virtually via Zoom, and was chaired by Sheikh Faisal bin Thani Al-Thani, QFB’s Chairman, with the attendance of the Board members, Bank’s shareholders, and senior management team.
Addressing the Annual General Meeting, Sheikh Faisal bin Thani Al Thani, said: “Qatar’s response to the pandemic-related challenges in 2020 was truly exceptional, having taken timely measures to navigate both economic and healthcare challenges wisely, while providing relief measures to all business sectors during these challenging times.”
Sheikh Faisal added: “QFB’s relentless efforts to implement strict internal controls, increase operational efficiency and rationalize expenditures, led to an improved performance, and in reducing overall expenses by 6.9%. In addition to a sustainable fee income stream, a drop in funding costs and with a better managed deposits book, have all helped improve the bank’s balance sheet and overall liquidity position.”
“QFB has successfully emerged with a clear vision, and a mission to continue to add value to our shareholders and clients. QFB’s judicious move to shift towards a new operating model that invests in risk-adjusted yield-generating investment products, has generated growth. Our products have helped investors to access the US real estate market through a shari’ah compliant platform which garnered an overwhelming response. The success achieved, and which reflects on all our financial indicators, comes as a result of our effective measures related to corporate governance, in addition to our clear strategic direction, and sourcing of profitable investments, as well as our prudent risk management and well-disciplined execution and monitoring processes.” concluded Sheikh Faisal.
In 2020, QFB continued to achieve strong growth for the year ending 31 December 2020, having managed to reduce its overall net loss by 24%. The bank recorded a net loss of QAR 226.7 million for 2020, compared with a QAR 298 million loss for 2019. QFB ended 2020 successfully by posting a net profit of QAR 1.2 million in its fourth quarter, with product fees and commissions being the main contributing factors.
The AGM discussed and approved all items on its agenda, in addition to the business plan for the financial year of 2021, as below:
The General Assembly approved the audited consolidated financial statement for the year ended on 31 December 2020 and approved the external auditor report.
The General Assembly approved the annual report for the year ended on 31 December 2020.
The General Assembly approved the recommendations of the Board of Directors regarding non-distribution of dividends and not taking an optional reserve for the financial year ended 31 December 2020.
The General Assembly approved discharging the Board of Directors of any liability in relation to their duties and responsibilities for the financial year ended 31 December 2020 and approved the board’s recommendation not to provide remuneration to the board for the same period.
The General Assembly approved the annual corporate governance report for the period ended 31 December 2020, including the external auditors report on the effectiveness of the design, implementation, and operation of ICOFR and compliance with QFMA rules and regulations.
The General Assembly approved major transactions report for the period ended 31 December 2020.
The General Assembly approved to renew the appointment of Ernst & Young as the Bank’s external auditor for the year of 2021 and approved their fees.