Doha: Masraf Al Rayan has announced the distribution of 10 percent cash (QR 1) dividend of the par value of its share to its shareholders and has rescheduled its Extra-ordinary General Meeting to March 25 next due to lack of quorum, according to a QE notification yesterday.
These decisions besides approving the bank’s financial report for the year ended December 31, 2012, and other topics on the agenda at its Annual General Meeting here. The Shariah Supervisory Board presented its report on compliance of Masraf Al Rayan with Shariah principles for fiscal year ended December 31, 2012, and the external auditor’s report for 2012 was also presented at the meeting.
The AGM agreed to absolve the Chairman and Members of Board of Directors from all responsibilities for the fiscal year ended on December 31, 2012, and approved QR9,860,000 as remuneration for the members of the Board of Directors for the same year.
KPMG was appointed external auditors for fiscal year 2013 and approved their fees of QR300,000. The bank posted a net profit of QR1.52bn for the fiscal year 2012, an increase of 7.9 percent compared to 2011. The bank’s total assets reached QR61.62bn compared with QR55.27bn in December 31, 2011, representing 11.5 percent growth. Financing activities increased to a total of QR42.76bn compared to QR34.76bn in 2011, an increase by 23 percent. The deferred EGM will be held at 4pm on March 25 at Doha Sheraton Hotel. QNA
