Doha, 11 February 2019 - QNB Group announced that its Ordinary and Extraordinary General Assembly Meeting held on 10 February 2019 has approved the Group's audited financial statements for the year ended 31 December 2018.
The Ordinary General Assembly ratified all the remaining items on its Agenda including a proposal by the Board of Directors to distribute a cash dividend of 60% of the nominal share value (representing QR 6.0 per share). The General Assembly also approved the appointment of KPMG as External Auditors for the year 2019.
The Extraordinary General Assembly approved the split of the par value of the ordinary share to be QR1 instead of QR10, as per the instructions of the Qatar Financial Markets (QFMA) and approved the amendment of related provisions in the Bank’s Articles of Association.
During the meeting, H.E. Ali Shareef Al-Emadi, Chairman of QNB Group's Board of Directors, presented an overview of the Bank's activities, achievements, and financial results for 2018, and provided shareholders with detailed answers to all questions posed.
H.E. the Chairman stated that QNB Group was able to deliver outstanding financial results during 2018 in all its local and international operations while continuing to pursue a wise policy and effective risk management. He also emphasized the Group's keenness to put in place a sustainable value for customers and shareholders.
He also briefed the attendees on the Bank’s action plan for 2019 aimed at enhancing its leading position in the banking sector at the local and international levels. Diversifying income sources and expanding the range of activities within the Group and its subsidiaries and associate companies are key elements towards achieving the Group’s vision to become a leading bank in the Middle East, Africa, and Southeast Asia (MEASEA) by 2020.
The Ordinary General Assembly also elected five new Board Members representing the private sector. These are Mr. Bader Abdullah Darwish Fakhroo; Mr. Fahad Mohammed Fahad Buzwair; Mr. Ali Hussain Ali Al-Sada; Broog Trading Company, represented by H.E. Sheikh Abdulrahman Bin Saud Bin Fahad Al-Thani; Hassan Bin Hassan Al Mulla Co. & Sons, represented by Mr. Adel Hassan Bin Hassan Al Mulla Al Jufairi.
QNB Group delivered record financial results for the year ended 31 December 2018, with net profit reaching QR13.8 billion, up by 5% compared to same period last year. Total assets increased by 6% to reach QR 862 billion.