Bank of Qatar cuts 60% of the share

The Board of Directors of Commercial Bank of Qatar (CBQ) has recommended a payout of 60% of the share’s par value as cash dividend, or 74% of the record net profit of QR 2.012 Billion, reported for the financial year ended December 31, 2012, an increase by 7% compared to QR 1.884 Billion in 2011. This proposal of distributing QR 6 for each share held, among other topics, will be discussed at the bank’s Ordinary General Meeting of shareholders to be held at Commercial Bank Plaza on February 26 at 6pm, a Qatar Exchange (QE) notification said today. The assembly will discuss and approve the financial report, the auditors’ report, corporate report and board’s recommendations. CBQ Chairman Abdullah bin Khalifa Al Attiyah, in his annual report, hailed the bank’s 2012 performance despite “another difficult year for the world economy with demand in established economies being subdued”. “Qatar’s economy has continued to grow against this backdrop. The country’s Real GDP growth for 2012 is expected to be 6.3% which is strong growth by current global standards,” Al Attiyah said in the report. The economic growth in 2012 was supported by government investment in infrastructure, healthcare, educate and housing. Credit demand in 2012 has been dominated by the public sector with continuing low levels of demand from the private sector. The banking sector has continued to strengthen and is well capitalised under the guidance of the government and the Qatar Central Bank, he said. CBQ’s net operating income in 2012 was 2.984 Billion compared to 2.864 Billion in 2011. The bank’s loans and advances in 2012 amounted to QR 48.594 Billion, an increase by 16.49% over QR 41.712 Billion achieved in 2011. Customer deposits increased to QR 41.386 Billion in 2012 from QR 37.989 Billion in 2011 and the shareholder’s equity was up to QR 14.939 Billion from QR 14.230 Billion in 2011.