By: Eslam Salem
Doha – Mubasher: Shareholders at Barwa Bank Group on Monday approved the board of directors' recommendation to distribute QAR 1 per share, representing 10% of capital.
The bank's ordinary general meeting (OGM) also approved the general budget, the profit and loss account for FY15, the governance report and the appointment of an auditor for FY16.
On another note, Barwa Bank's extraordinary general meeting (EGM) gave the green light to list the bank's stocks on the Qatar Exchange (QSE).
The Qatari bank reported a net profit rise of 2.4% in FY15 to QAR 729.7 million.
The bank seeks to cut its costs and approve a restructure plan, stated chairman and managing director Mohammad Bin Hamad Bin Jassim Al Thani, adding that the bank reduced its costs by 7% last year and will raise that rate in 2016.
Translated by: Nada Adel Sobhi
