Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- QFIB net income rises to QR94m  Join our daily free Newsletter

MENAFN - The Peninsula - 04/04/2012

No. of Ratings : 0
Digg This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093500290 Share This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093500290 Add to Delicious Seed this article Buzz this article Add to Reddit Add to furl Add to stumbleupon Add to Mixx!


 


(MENAFN - The Peninsula) Qatar First Investment Bank (QFIB), Qatar's independent investment bank regulated by Qatar Financial Centre Regulatory Authority, reported total income of 233.7m (QR850.6m) and a net income of QR94m, representing a 20 percent increase over 2010. Total capital invested to date reached 333m (QR1.212bn).

The company held its Annual General Meeting(AGM) followed by an Extraordinary General Meeting (EGM) yesterday. The AGM approved the Bank's audited financial results for 2011, QFIB's third full year of operation, marking a number of significant milestones across all of QFIB's business units. The Extraordinary General Meeting addressed several issues including QFIB's proposed listing on Qatar's Stock Exchange by the end of 2012.

QFIB Chairman Abdulla bin Fahad bin Ghorab Al Marri said: "The year 2011 was full of challenges for investment banking in the region. The still-daunting European sovereign debt crisis and closer home, the Arab Spring certainly impacted the global and regional economies. Fortunately for us, the GCC economies were slightly shielded from this market instability mainly due to strong oil prices and robust government spending."

He said: "Navigating the prevailing market conditions, we continued to maintain a strategic and prudent approach to principal investment acquisitions and when managing liquidity. The result is a sound balance sheet coupled with strong performance and dividend distribution. Furthermore, winning the accolade of "Best Investment Bank in the GCC" in the Islamic Business and Finance Category from CPI financial is a clear testament that the bank is on the right path to becoming a regional investment player."

For the second consecutive year, the AGM ratified the distribution of a cash dividend of 6 percent of paid share capital to QFIB shareholders. The AGM also marked the election of the board of directors for another period of three years and the re-election of the bank's auditors for a year.

The EGM approved filing of an application with the Qatar Financial Markets Authority to list QFIB shares on the Qatar Exchange in accordance with the laws of Qatar. This strategic move will provide the existing shareholders with the ability trade their shares on the Qatar Exchange and will provide QFIB with access to capital for future acquisitions and growth plans.

In order to facilitate the listing process, the EGM approved to change the currency denomination of the bank from US Dollar to Qatari Riyals. Furthermore, the EGM approved to re-adjust the authorised capital of the bank from 1bn (QR3.65bn) to 550m (QR2bn) in a step to waive the remaining non-paid portion of the authorised capital.

The EGM also approved to amend the bank's name to become "Qatar First Bank". This initiative will better reflect the future plans of the bank, where it hopes to build upon its strong foundation and successful track record to become a full-fledged financial institution offering a suite of services ranging from commercial banking and investment banking to asset management.

 






  MENA News Headlines
May 23 2013US stocks sink after global rout; S&P loses 1.1% ,AFP
(MENAFN - AFP) US stocks opened sharply lower Thursday after the plunge in the Japanese market sparked a selloff throughout Asia and Europe. In the first 10 minutes of trade the S&P 500 was ...

May 23 2013Majid Al Futtaim takes 100% of UAE Carrefour ,MENAFN
(MENAFN) Majid Al Futtaim (MAF) Holding announced that it purchased the 25-percent stake owned by Carrefour in Majid Al Futtaim Hypermarkets LLC for USD684.1 million, reported Gulf News. MAF ...

May 23 2013QPI to purchase share in Total's Congo operations ,MENAFN
(MENAFN) Qatar Petroleum International (QPI) will buy a stake in Total's Congo operations, reported Arabian Business. This investment's major focus is the Moho North project. Neither of the two ...

May 23 2013Epicor to Host EMEA Insights 2013 Customer Conference Series ,MENAFN Press
(MENAFN Press) Epicor Software Corporation, a global leader in business software solutions for manufacturing, distribution, retail and services organizations, today announced that it will be hosting ...

May 23 2013Dubai's leading property agency delivers world-first tool and resources for end users ,MENAFN Press
(MENAFN Press) Better Homes, UAE's largest realtor, has released helpful guides for property hunters and landlords in the Dubai property market. This follows from the property agency's delivery of a ...

May 23 2013Onyx hospitality group creates a buzz with 'plan bee' ,MENAFN Press
(MENAFN Press) The latest CSR programme from ONYX Hospitality Group focuses on the conservation of natural biodiversity in a bid to save the Asian honeybee (Apis cerana) from extinction. The ...

May 23 2013RTS Realtime Systems to Open Data Center in Dubai ,MENAFN Press
(MENAFN Press) RTS Realtime Systems Group (RTS), a leading global trading solutions provider, today announced plans to open its newest data center in Dubai, the first Middle East site in its global ...

May 23 2013Songwon Industrial Group announces positive Q1 2013 financial results ,MENAFN Press
(MENAFN Press) Ulsan, Korea – May 23, 2013 – Songwon Industrial Group (www.songwon.com), is pleased to announce its Q1 financial results for 2013. The detailed Q1 2013 financial results ...

May 23 2013Mediaquest acquires 30% stake in acclaimed wedding website Whiteme.net ,MENAFN Press
(MENAFN Press) In line with the increased Internet penetration in the region and the burgeoning wedding industry, leading Middle East publisher Mediaquest has acquired a 30 percent stake in the ...

May 23 2013New Xerox Multifunction Printers Keep It Simple for Small Business: Add Cloud, Mobile Services; Take Up Less Space ,MENAFN Press
(MENAFN Press) Xerox® today introduced the WorkCentre® 7220/7225 color multifunction printers (MFPs) enabled with the new Xerox ConnectKey™, a software system and a set of solutions to simplify ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help