QNB Group Ordinary General Assembly Approves Agenda

Posted on : Thu, 31 Jan 2013

Doha- January, 31, 2013,  QNB Group announced that at its Ordinary General Assembly held on 30 January 2013, the Group's Audited Financial Results for the year ended 31 December 2012 was approved.

The General Assembly also ratified all remaining items on its Agenda including the proposal by the Board of Directors to distribute a cash dividend of 60% of the nominal share value (representing QR6.0 per share). The General Assembly also approved the appointment of Ernst & Young as External Auditors for the year 2013.

During the General Assembly, H.E. Yousef Hussain Kamal, Chairman of QNB Group's Board of Directors, presented an overview of the Bank's activities and financial results for 2012, and provided shareholders’ with detailed answers in regard to all questions posed.

H.E. the Chairman stated that QNB Group was able to deliver outstanding financial results for 2012, driven by the on-going expansion across the range activities both domestically and internationally along with the continuation of the adoption of a conservative approach to risk management that resulted in further enhancing the QNB Group’s leading position amongst financial institutions in the Middle East and North Africa.

H.E. the Chairman also provided an overview of the Bank’s business plans for 2013 that focuses on retaining its leading position through diversifying income sources along with expanding the range of activities within QNB Group and its subsidiaries and associate companies around the world.

The Agenda of the General Assembly meeting included an item in respect of the election of five Board members from the private sector for the period 2013-15. These members are:

1.H.E Sheikh Jassim Bin Abdulaziz Bin Jassim Bin Hamad Al-Thani
2.Broog Trading Company, represented by H.E Sheikh Khalid Bin Hamad Bin Khalifa Al-Thani
3.Mr. Bader Abdullah Darwish Fakhroo
4.Mr. Ali Hussain Ali Al-Sada
5.Mr. Fahed Mohammed Fahed Buzwair

QNB Group was able to deliver record financial results for 2012, with Net Profit reaching QR8.3 billion increasing by 11.1% over 2011 and with Total Assets up by 21.5% to QR367 billion.