Sheikh Faisal bin Thani Al Thani: “The positive outlook of the financial year 2021 reflects our solid business strategy”
Qatar First Bank LLC (Public) (“QFB” or the “Bank”), held its Annual and Extraordinary General Meeting on Wednesday 23 March 2022 and approved all items listed on its agenda.
The Annual and Extraordinary General Meeting, was chaired by QFB’s Chairman H.E. Sheikh Faisal bin Thani Al Thani, was held virtually via Zoom, with the attendance of QFB’s board members, shareholders, and senior management team.
The following five board members (Independent and Non-Independent) were elected during the Annual General Meeting through an uncontested election in accordance with the applicable rules and regulations for a period of three years: Mr. Ibrahim Mohamad Ibrahim Jaidah, Mr. Mohamed Yousef Al Mana, Mr. Mohammed Nasser Al Hajri, Shift Company W.L.L. represented by Eisa Mohamad Al-Mohannadi and Al Wajba Business Development represented by Saad Nasser El Kaabi.
The appointment of the remaining two Board members made by the Bank’s Strategic Shareholders in accordance with article 34.2 of the Bank’s Articles of Association was ratified during the Annual General Meeting: H.E. Sheikh Faisal bin Thani Al Thani appointed by Al Zubara Real Estate Investment Company W.L.L. and Mr. Jassim Mohamad Al -Kaabi appointed by Broog Trading Company W.L.L.
The Bank will now seek to fulfill the necessary regulatory and legal arrangements to incorporate the changes of membership in its Board of Directors.
The Extraordinary General Meeting also discussed and approved, subject to obtaining all relevant regulatory approvals, the proposed changes to the Bank’s Articles of Association (“AOA”) in accordance with the law number (8) for the year 2021 amending certain provisions of the Qatar Commercial Companies Law No. (11) of 2015 to the extent applicable to companies established in the Qatar Financial Center and in accordance with QFMA rules and regulations. The shareholders authorized the Chairman of the Board to sign the approved amended Articles of Association and make any necessary amendments if requested by the regulators and perform all acts and things for the purpose of the registration of the amended AOA with the relevant authorities including but not limited to Qatar Financial Centre and the Qatar Financial Markets Authority.
The Annual General Meeting (AGM) discussed and approved the Bank’s audited financial results, annual report, corporate governance report, and the performance of 2021 in addition to its business plan for the financial year 2022. Moreover, the meeting approved QFB’s major transactions and the recommendations of the Board of Directors regarding non-distribution of dividends as well as not taking an optional reserve, and the discharging and releasing of the members of the Board from liabilities. Furthermore, it was approved that Ernst & Young be re-appointed the Bank’s external auditor for the financial year 2022 in addition to approving their fees.
Sheikh Faisal bin Thani Al Thani said: “In 2021, QFB recorded the highest Net Profit attributable to QFB’s shareholders in the previous six years due to a solid strategic direction and a new leadership. With the support of our Board of Directors and shareholders, we are confident that we will witness an improved performance, contributing to long-term growth, and financial stability, to become a regional player in the Shari’a compliant investment banking industry. Furthermore, management team along with QFB staff made a commendable contribution for this turnaround performance”
QFB recorded its highest net profit attributable to equity holders of the bank of QAR100.37 million in the previous 6 years. With the new leadership and solid strategic direction, QFB was able to overcome the challenging market conditions, improve its operational efficiency, and diversify its products and services. The Bank maintained a sustainable fee income stream, dropped funding costs, and has maintained a well-managed deposits book, resulting in a stronger balance sheet and healthy liquidity position for the year.
Qatar First Bank LLC (Public) is the first independent Shari’a compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).