(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: QNB Group, the largest financial institution in the Middle East and Africa region, held its Ordinary General Assembly Meeting, yesterday, which approved the Group's financial statements for the year ended December 31, 2023 and a recommendation by the Board of Directors to distribute a cash dividend of 65 percent of the nominal share value (QR0.65 per share).
At the meeting, the Minister of Finance and Chairman of QNB Group's Board of Directors H E Ali Ahmed Al Kuwari, presented a report on the Bank's activities and financial strength for the year ended December 31, 2023 and plans for 2024.
H E Al Kuwari stated:“In 2023, we continued to successfully execute upon 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 was driven by strong governance, strategy, leadership, and disciplined execution.”
“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 for an ever-changing world,'' the Chairman added.
The Group also reached a net profit of QR15 ($4) for the year ended December 2023, witnessing a significant surge of 8 percent compared to its previous year. On the other hand, the Total Assets amounted to QR1,231bn ($338bn), which saw an increase of 4 percent last year compared to 2022.
Last month, Moody's upgraded QNB's long-term credit rating to Aa2 from Aa3 based on the robust financial position of the Group. At present, QNB Group is ranked as the most valuable bank brand in the Middle East and Africa region.
This year, the Group marked its 60th Anniversary, which was established as one of the first and oldest financial institutes in the country, embarking on a milestone that drives its success as the most profitable and remarkable institute. With over 29,000 employees working for QNB Group, it serves more than 20 million clients in pivotal financial and business capitals across the globe.
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.
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