Qatar-based Al Khaliji bank said the company board has approved the distribution of QR1 per share as cash dividends, representing 10 per cent of the bank’s paid-up capital.

Announcing this on Wednesday, Al Khaliji chairman and MD Sheikh Hamad Bin Faisal Bin Thani Al-Thani said shareholders discussed the 2011 corporate governance report, absolved the board members from any liability, and fixed their remuneration for 2012.

They also approved the appointment of Deloitte & Touche as  External Auditors for 2012 and fixed their fees, he stated.

Sheikh Hamad said the board approved the 2011 financial statements and also praised the results. The bank had registered a significant uplift in profit before tax, which reached QR500 on December 31, 2010.

“Al khaliji, with profit before tax of over QR500 million and asset growth up 44 per cent – having more than doubled in 3 years – affirmed its ability to grow in tough prevailing market conditions. It showed a 14 per cent increase in net profit after tax, which reached QR487 million in December 2011, up from QR 427 million in 2010”.

Commenting on the future plans, he said, 'Our aim in 2012 is to continue building success on our mid-term strategy and growing – organically – while focusing on our core strengths, i.e. Qatar market, well capitalized bank, treasury capabilities, and institutional relationships in corporate and international banking.'

'We will continue to build the brand, while maintaining our measured consumer strategy focused on upscale and High Net Worth Individuals. Adding to that, we will pursue our prudent risk management policy in 2012, and focus on our strong risk culture underpinned by sound risk governance processes,' he added.

The shareholders also elected a 7-member board for a three-year term (2012 – 2014) under the chairmanship of Sheikh Hamad (CMD appointed by Qatar Holding (Qatar)).

The members are Abdullah Bin Nasser Al Misnad, vice-chairman, independent member (Qatar); Mohamad Khalid Al Mana, Independent Member (Qatar); Abdulsalam Al Murshidi, Representative of Nawras Company (Oman); Hisham Al Saei, Representative of Union Investment House (Bahrain); Rashid Al Naimi, Representative of Qatar Foundation (Qatar); Saif Mohamad Abdullah Al Midfaa, Representative of Qatari Diar.

The meeting also authorized the board to approve the issuance of non convertible bonds up to $750 million (or the equivalent in other currencies), outstanding at any one time and to approve the amount, terms and conditions for the issuance of the bonds, subject to all regulatory requirements and pre-approvals.-TradeArabia News Service