Barwa Bank officials attending the AGM held at the Four Seasons Hotel yesterday.
Barwa Bank convened its Annual General Meeting (AGM) yesterday, chaired by Sheikh Mohamed bin Hamad bin Jassim Al Thani, Chairman of the Board and Managing Director, with an 85.15 percent shareholder attendance, at the Four Seasons Hotel.
During the AGM, all items on the agenda were discussed, such as hearing and approving the Board's Report for the year that ended December 31, 2016, as well as discussing and approving the group’s future business plans.
The meeting approved the Board’s recommendation to distribute cash dividends amounting to 13.5 percent of the nominal value of the shares at the rate of one riyal and thirty five dirhams per share, along with the validation of the External Auditor's Report of the year ending December 31, 2016. The distribution of the dividend checks for the fiscal year of 2016 will take place during official working hours, beginning from March 6 at the Barwa Bank main branch located at Grand Hamad Street.
The Assembly agenda also included discussion on the report of the Shariah Supervisory Board, approval of the 2016 financial statements, as well as approving the Board of Directors remuneration along with the appointment of external auditor and their fees for the financial year 2017. Sheikh Mohamed bin Hamad bin Jassim Al Thani presented a detailed report on the bank’s activities and financial results, highlighting the most important results achieved by the bank in 2016. The Group recorded strong growth in each of the financial position and profits, as the net profit for 2016 rose to QR738.8m and earnings per share reached QR2.49.
