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Board of Directors Report to the General Assembly Meeting

Feb 23, 2021 by Qanect

The Assembly General Meeting of QIB shareholders was held today, Monday 22 February 2021, virtually on Zoom. The meeting headed by H.E Sheik Jassim bin Hamad bin Jassim bin Jaber Al Thani, QIB’s Chairman. The meeting discussion covered all the points on the meeting agenda. Find below the Board Report and the AGM results.
 

Board of Directors Report:
 

Please allow me to extend a warm welcome to all of you, I am honored by your presence today. On behalf of QIB’s Board of Directors, I am pleased to present to you the annual report for QIB’s Financial Results for the fiscal year 2020.
 

2020 has been an exceptional year at all levels, due to the impact of the Covid-19 pandemic on economies across the globe, as well as regionally and locally. However, thanks to our commitment and hard work, in addition to the government’s support, and the exceptional efforts of the executive management team and staff, we have been able to successfully navigate the crisis, while managing the challenges faced by our customers and employees alike. QIB has taken a proactive response to the economic implications of the pandemic by postponing financial installments for SME’s and individual customers, as well as for all affected sectors, taking part in the Covid-19 National Guarantee Program, devised by the State of Qatar and the Qatar Central Bank.
 

We have successfully achieved business continuity, providing our products and services to our clients, individuals and corporate, thanks to the recent investments we have made in our digital transformation strategy. QIB’s advanced digital channels played a key role in achieving business continuity, smoothly and effectively, and we were praised for helping our customers, having demonstrated our leadership in providing the best digital banking services, whilst ensuring the safety of our customers, employees, and the community at large as our top priority. We have been also able to provide various types of support to the community, which significantly contributed to QIB receiving a number of awards regionally and globally, by specialized organizations and international publications, acknowledging our outstanding response to the pandemic, and safeguarding our operational environment.
 

During the past year, we were also able to successfully complete issuances of Sukuks worth $1.65 Bln including first ever Formosa Sukuk to be issued by any bank and provide various alternatives to stabilize liquidity and maintain very good asset quality, with major improvements in information security, in full compliance with all regulatory guidelines.
 

In light of all those achievements, despite the exceptional challenges faced this year, QIB has reiterated its position as one of the largest Islamic Banks in the region and one of the strongest across the globe, with assets growing from QAR 163.5 billion in 2019 to QAR 174.4 billion In 2020, and customer deposits also growing from QAR 111.6 billion in 2019 to QAR 118.1 billion, while the total income reached QAR 7,958 Million, registering 3% growth compared to year 2019. On the other hand, QIB was able to manage the ratio of non-performing financing assets to total financing assets at 1.4%, one of the lowest in the industry, while it continued to pursue the conservative impairment policy maintaining a healthy 92.3% coverage ratio for non-performing financing assets as of December 2020.
 

Within this positive context, QIB has achieved net profits for the fiscal year 2020 of QAR 3,065 million, at the same level as previous year’s results, despite the exceptional circumstances. Based on these results, the Board of Directors recommends your esteemed assembly to approve the distribution of cash dividends to shareholders at a ratio of 40%, at a rate of QAR 0.40 per share.
 

To conclude, on behalf of the Board of Directors, I can only express my highest regards and appreciation to His Highness Emir Sheikh Tamim bin Hamad Al-Thani, Emir of Qatar for his wise and outstanding leadership in responding to the challenges faced by the country, as well as his support and empowerment of the local banking sector. Our appreciation also extends to all officials from the Qatar banking industry, for their continuous support and assistance that is highly regarded, and in particular Qatar Central Bank, for their support to all components of the banking and financial sector. And our gratitude towards all our customers, investors, and shareholders, for their trust and loyalty to QIB. And to the Shari’a Supervisory Board, for their close monitoring of the situation.
 

I conclude by extending my appreciation of the efforts and dedication of QIB’s Group CEO and his team of loyal employees, who overcame the obstacles of this critical crisis, with efficiency and resilience, contributing to QIB achieving those exceptional results.

May God help us to do everything good for the benefit of everyone.

Jassim bin Hamad bin Jassim bin Jaber Al Thani

Chairman of the Board of Directors

 

QIB Assembly General Meeting Results:
 

  • The Assembly approved the Board of Director’s Report on the results of the Bank and financial statements for year ended 31/12/2020 and the plan for the year 2021.
  • The Assembly approved the Bank’s balance sheet and profit and loss for the year ended 31/12/2020.
  • The Assembly approved the board of directors’ proposal to distribute 40% cash dividends of the nominal value per share, (i.e. QAR 0.40) per share.
  • The AGM absolved the Board members from liability for the year ended 31/12/2020 and approval of the remuneration prescribed to them.
  • Discussed and approved the Bank Governance Report for the year 2020.
  • The Assembly approved the increase of the limit for QIB’s USD Sukuk program to become USD 5 billion instead of USD 4 billion, subject to QCB approval.
  • The Assembly nominated Ernst & Young as external auditors of QIB financial statements for the year 2021.

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