QFB’s capital raise will contribute to stable growth ratios, and offer shareholders the opportunity to subscribe for new shares through a rights issue |
Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “We are very happy to announce the bank’s capital increase which comes at a time where QFB is seeing an increase in profitability and sustainable investment expansion in Qatar and other global markets over the past two years. Through this strategic directive, the bank will enjoy a stronger capital base thus enabling our strategic growth plan. We expect to see further enhancements in the bank’s performance in the upcoming years, repositioning our bank as a regional player in the Shari’a compliant banking universe, guided by the board of directors’ vision.”
Trading of the Subscription Rights will commence on Wednesday, March 16, 2022, and end on Tuesday, March 29, 2022. Thereafter, the subscription period for Holders of Subscription Rights will start on Wednesday, April 6, 2022, and will end at 1.00pm Doha local time on Tuesday, April 19, 2022.
QFB has recently announced its financial results for the year ending 31 December 2021, recording the bank’s highest ever net profit attributable to equity holders of the bank of QAR100.37 million in the previous 6 years. QFB was able to overcome the challenging market conditions, improved its operational efficiency, and diversified its products and services, owing to its new leadership and strategic direction. The bank maintained a sustainable fee income stream, dropped funding costs, and has maintained a well-managed deposits book, resulting in a stronger balance sheet and healthy liquidity position for the year.
Qatar First Bank LLC (Public) is the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).
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