QNB Group, the largest financial institution in the Middle East and Africa region, held on Sunday 11th February 2018 its Ordinary General Assembly meeting and approved the Group’s financial results for the year ended 31 December 2017.
The General Assembly ratified all items on its Agenda of the Ordinary General Assembly, including a proposal by the Board of Directors to distribute a cash dividend of 60% of the nominal share value (QAR 6 per share). The General Assembly also approved the appointment of KPMG as External Auditors for the year 2018.
During the meeting, H.E. Ali Shareef Al Emadi, the Chairman of QNB Group’s Board of Directors, presented an overview of the Group’s activities and its financial results for 2017, coming in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020.
H.E. the Chairman said QNB Group has posted the highest profits in its history in 2017 thanks to its financial strength, solid financial position and the expansion of its global network amid the continued recovery in global economic growth, especially in some regions where the Group is present.
In this context, H.E. Al Emadi stressed the Group’s success to achieve its growth goals despite some challenges facing the global economy, including tight monetary policies and rising debt levels thanks to the outstanding efforts exerted by QNB team.
QNB Group’s expansion, while providing a wide range of banking innovative products and services, have resulted in maintaining a conservative risk profile, H.E. Al Emadi said, pointing out that international operations continued to achieve a high rate of the Group’s profits, which amounted to 36%.
On the national level, H.E. Al Emadi stressed the Group’s commitment to supporting the country’s business sector and working as a key supporter to promote local production, economic development and national strategic projects by supporting all economic activities, including major state-sponsored projects and small and medium enterprises (SMEs).
H.E. Al Emadi said this success is also a result of a strong, effective and responsible governance framework, while the Group continues to work on introducing additional policy and procedural controls with its international branches in recognition of the importance of good governance in achieving business prosperity.
H.E. the Chairman also provided an overview of the Group’s business plans for 2018 aimed at maintaining QNB’s leading position through diversifying income sources and expanding the range of activities across the Group. The ability to meet shareholders’ expectations remained a core consideration for this year.
At the local level, H.E. the Chairman said the Group will focus on maintaining its market share and profitability in the public sector while enhancing its leadership in personal and corporate banking.
He added that the Group would also work internationally to strengthen its presence in the Middle East, Africa and Southeast Asia by expanding its branches’ network or through acquisitions.
On the importance, the Group attaches to sustainability and social responsibility, H.E. Al Emadi stressed QNB’s keenness to working with its partners to promote economic and social development in order to achieve sustainable growth, environmental conservation and investment in communities.
The strong and robust performance of QNB Group in 2017 was reflected in the delivery of record financial results. Net profit reached QAR 13.1 billion, up by 6% compared to 2016 and total assets increased by 13% from December 2016 to reach QAR 811 billion, the highest ever achieved by the Group.
QNB was also recognized as the most valuable banking brand in the Middle East and Africa region with a brand value worth USD4.2 billion, according to The Banker’s 2018 Brand Finance Global 500 report.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees exceeds 28,200 operating through more than 1,230 locations, with an ATM network of more than 4,300 machines.