Qatar First Bank (QFB) held its annual general meeting (AGM) Tuesday to discuss the bank’s performance and future initiatives after releasing its financials for the year that ended on December 31, 2019.
The AGM was held at the QFB Lounge premises in Doha, “adhering to all the precautionary measures to ensure the safety of participants.”
The meeting, presided over by chairman Sheikh Faisal bin Thani al-Thani, discussed and approved the bank’s audited financial results and the performance of the 2019 full year of operation.
Sheikh Faisal said, “2019 arguably was the most enunciated year for QFB. Key decisions were taken throughout the year where we witnessed a turnaround performance with three profitable quarters. This is a direct manifest that QFB’s new strategy map has started generating affirmative results.”
QFB’s growth momentum continued related to its income streams where fee income increased by 103% to QR32.3mn last year compared to QR15.9mn in 2018, largely driven by new structured products introduced during 2019.
QFB made continuous gain from its cost rationalisation plan where bank reduced its total expenses by 17.2% compared to 2018.
In line with QFB’s strategy of maximising value from its proprietary investments, QFB managed to sell its shares in FutureCard Industries and Kuwait Energy Company. Additionally, QFB signed definitive agreements to sell its shares in Food Services Company.
QFB completed the $117mn off-market acquisition of an office campus located in Bellevue, Washington, which is QFB’s sixth product offering and fourth in the US real estate market.
QFB also made a successful exit along with its investors through the sale of two Boeing 737-900ER aircraft, which is its second Shariah-compliant aviation deal.
The two aircraft were on a seven-year long-term Shariah-compliant lease contract to Indonesia’s Lion Air.