Doha - Mubasher: Qatar International Islamic Bank’s (QIIB) annual general meeting (AGM) approved the board’s recommendation of distributing 40% of its capital as cash dividends for 2016, at QAR 4 per share.

The AGM also approved the financial statements of the year ended on 31 December 2016 and elected the board of directors’ members for the next period, the bank said in a statement to the Qatar Stock Exchange (QSE).

The AGM also endorsed the proposal to complete issuing non-convertible sukuk worth QAR 3 billion.

On 25 January, QIIB’s board recommended the distribution of 40% of its capital in cash dividends, the same as in 2015.

Annual net profits for the bank reached QAR 785 million in 2016 compared to QAR 784 million in the year before.

By 11:10am Qatar time, QIIB’s stock retreated 5.80% to QAR 65 after 118,540 shares were traded at a turnover of QAR 7.7 million.