In the Name of God, Most Gracious, Most Merciful,
Ladies & Gentlemen,
Al Salamu Alaykum…
On behalf of myself and the members of the Board of Directors (BOD), I would like to express my heartfelt gratitude for your participation in the Ordinary and Extraordinary General Assembly Meetings to discuss the topics on the agenda.
Please let me share with you the financial results of the bank for this year. According to the audited financial statements for the year 2021, the bank was able to achieve decent financial results, where the total assets stood at QR 101.1 billion, the net loans and advances was QR 62.7 billion, the total value of the investment portfolio was QR 25.1 billion, the total amount of customer deposits reached QR 50.4 billion, and the total amount of shareholders’ equity stood at QR. 14.3 billion.
The income statement shows that the net profit at the end of the year amounted to QR 704 million, noting that the bank has created additional provisions for hedging purposes, which will strengthen the financial position of the bank for the coming years. Moreover, the average return on share stood at QR. 0.16 and the return on average shareholders’ equity reached 5.2% and the return on average assets amounted to 0.69%. Based on these results, the BOD decided to present a recommendation at the AGM to distribute cash dividends to the shareholders at QR 0.075 per share.
We would like to express our gratitude to the bank’s management and staff for their concerted efforts in overcoming the financial and business markets’ crisis as a result of the COVID-19 pandemic in order to maintain business continuity and achieve positive results that benefit the bank’s financial position.
On behalf of the Board of Directors and myself, I would like to extend my sincere thanks and gratitude to H.H. The Emir, Sheikh Tamim Bin Hamad Al-Thani, H.E. The Prime Minister, Sheikh Khaled Bin Khalifa Al-Thani, H.E. The Minister of Finance, H.E. Mr. Ali Bin Ahmed Al Kuwari, H.E. The Minister of Commerce and Industry, H.E. Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, and H.E. The QCB Governor, Sheikh Bandar Bin Mohammed Bin Saud Al-Thani, and to all officials of Qatar Central Bank, the Ministry of Commerce and Industry, Qatar Financial Markets Authority and Qatar Exchange for their continued cooperation and support.
Many thanks and appreciation to all of our shareholders and customers for their confidence in the bank, and we look forward to continued growth and prosperity.