DOHA: Qatar First Bank (QFB) LLC (Public) has announced the completion of a rights issue.
The bank plans to issue 420 million shares and increase capital by 60% to 1.12 billion quarters.
In 2019, the bank previously reduced its capital by 65% from QR 2 billion to QR 700 million, eliminating a consolidated loss of QR 1.3 billion.
Qatar First Bank’s net profit increased by 2.55% in the first half of the year to reach QR42.047m compared to QR40.999m in the same period last year.
On August 1, Qatar First Bank held an Extraordinary General Meeting (EGM) to approve all agenda items, including changing the bank’s name to ‘Lesha Bank’, and the Chairman of the Board of Directors to approve all relevant matters. Authorized to take necessary action. To the Bank’s new name, to make any necessary adjustments to the Bank’s new name, logo, trademark, domain, website, or bank e-mail, as well as the names of the Bank’s subsidiaries.