Doha-Mubasher: The ordinary general meeting of Commercial Bank of Qatar (CBQ) approved the board’s recommendation to distribute a cash dividend of 35% and a bonus share of 10% for the fiscal year ended 31 December, 2014, according to a filing to Qatar Exchange (QE).
The bank reported a profit rise by 21% to reach QAR 1.94 billion ($532 million) during the fiscal year 2014, compared to QAR 1.6 billion ($439 million) in FY13.
The meeting also gave the go-ahead to issue local and international certificate of deposits (CDs) worth $2 billion, according to CBQ’s filing to Qatar Exchange.
The amount of CDs issued by the bank should not exceed at any time the Bank’s capital.
The extraordinary general meeting (EGM) gave the green light to increase the bank’s capital from QAR 2.97 billion to around QAR 3.27 billion through distributing bonus shares representing 10% of the capital.
EGM ratified the issuance of unlisted capital instruments eligible for inclusion in Tier 1 capital or Tier 2 capital in compliance with Basel standards, amounting to a maximum of $1 billion (QAR 3.6 billion) in accordance with the provisions of the Companies Act (Law No. 5 of 2002).
The meeting also approved the amendment to Article (13) of the Statute which allows non-Qatari investors to own 25% of the company’s total shares, as well as endorsing the amendment to Article (2) of the same Statute concerning the change of the bank’s legal name from “The Commercial Bank of Qatar” to “Commercial Bank”.
