QNB Group, the largest financial institution in the Middle East and Africa region, held its Ordinary General Assembly meeting on 11 February.
The general assembly approved the group’s financial statements for 2023 and a recommendation by the board of directors to distribute a cash dividend of 65 percent of the nominal share value which amounts to QR0.65 per share.
Addressing the meeting, QNB Group Chairman HE Ali Ahmed Al Kuwari presented a report on the bank’s activities and financial position for 2023 and plans for 2024.
The chairman said, “In 2023, we continued to successfully execute our vision and strategy. The underlying financial performance of the Bank remained strong, and we additionally progressed on our risk, control, and regulatory agendas. Our performance and growth were driven by strong governance, strategy, leadership, and disciplinedexecution.”
He said, “QNB’s vision is to be the number one bank in MEA while aiming to be a leading MEASEA bank, which is aligned with our purpose to promote prosperity and sustainable growth across the markets we serve. Our strategy requires us to continuously uplift our capabilities to cater to an ever-changing world,’’ Kuwari said.
QNB Group continued to deliver record financial results for 2023, with net profit reaching QR15.5 billion ($4.3 billion), an increase of 8 percent compared to the same period last year.
Total Assets of the bank reached QR1,231 billion ($338 billion), an increase of 4 percent from 31 December 2022.
On 29 January 2024, Moody’s upgraded QNB’s long-term credit rating to Aa2 from Aa3 based on the solid financial strength of QNB Group.
QNB Group is currently ranked as the most valuable bank brand in the Middle East and Africa region.
Through its subsidiaries and associate companies, QNB Group’s presence extends to more than 28 countries across three continents providing a comprehensive range of advanced products and services.
The total number of employees is 30,000 operating through 900 locations, with an ATM network of more than 4,800 machines.