Mubasher: Qatar Islamic Bank (QIB) on Thursday announced that its shareholders had approved a 50% cash dividend distribution at QAR 5 per share for the full fiscal year of 2018 during an assembly general meeting (AGM) held in the previous day.

The bank also approved the external auditors’ report on the financial statements, according to a statement to the Qatar Stock Exchange (QSE).

“The extraordinary general meeting (EGM) approved the amendment of the Articles of Association of the Bank to comply with the listing condition of dividing the book value per share to 1 QAR instead of 10 QAR,” the statement added.

QIB last reported a 19.01% year-on-year profit increase in the fourth quarter of 2018, logging QAR 749.97 million, compared to QAR 630.19 million.

From January to December 2018, the Qatari lender’s profits grew 14.5% to QAR 2.76 billion from QAR 2.41 billion in the prior year.