QNB Ordinary General Assembly approves financial statements and distribution of 60% cash dividend

Posted on : Mon, 13 Feb 2023

Doha, 13 February 2023 - QNB Group, one of the largest financial institutions in the Middle East and Africa, held its Ordinary General Assembly Meeting on 13 February, in which the Group’s Board of Directors discussed key achievements and activities held in 2022 and the 2023 business plan. 
The General Assembly approved the Group’s financial statements for the year ended 31 December 2022 and a recommendation by the Board of Directors to distribute a cash dividend of 60% of the nominal share value (representing QR 0.60 per share). 
Addressing the meeting, H.E. Ali Ahmed Al Kuwari, Chairman of QNB Group's Board of Directors, presented a detailed report of the Group's financial results for the year ended 31 December 2022, and shared the business plan for 2023. 
H.E the Chairman stated: “In line with our purpose, vision and strategy, QNB Group has delivered another year of robust performance and growth. This year was both exceptional and unforgettable for the State of Qatar. Robust economic performance was supported by elevated hydrocarbon prices, the recovery from the COVID-19 pandemic and the impact of the FIFA World Cup Qatar 2022™. This accelerated the execution of the Qatar National Vision 2030 and assisted in the transition towards a knowledge-based economy.’’
“ We acknowledge that sustainability is not a choice, but a strategic imperative that we embed into our business and operating model to make a positive contribution to the societies in which we are present. As a responsible business, we also recognise the importance of sustainable finance, sustainable operations and beyond banking to support the communities in which we live and work. All three pillars are a crucial part of our purpose and support QNB’s objective of sustainable growth. We recognise that our strategy entails new components that require us to uplift our capabilities, also with regards to the way we work and interact. Consequently, QNB aims to adopt a corporate culture and values that support the execution of the strategy. This year was marked by our efforts to continue to deliver upon our strategy while at the same time leveraging our brand and nurturing our relationships to further strengthen our business proposition”. H.E. added. 
QNB Group delivered record financial results for the year ended 31 December 2022, with net profit reaching QR14.3 billion, an increase of 9% from last year. Total assets increased by 9% to reach QR1,189 billion.
QNB Group currently ranked as the most valuable bank brand in the Middle East and Africa. Through its subsidiaries and associate companies, the Group extends to more than 28 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is 28,000 operating through 1,000 locations, with an ATM network of more than 4,800 machines.