QNB Becomes First Financial Institution To Announce Semi-Annual Dividend Distribution
(MENAFN- The Peninsula)
QNA
Doha, Qatar: Qatar National bank (QNB) Group, a Qatari public shareholding company, announced Tuesday its decision to distribute semi-annual dividends to shareholders, making it the first financial institution in the country to adopt this approach.
QNB explained that this decision aims to bolster the national Economy in alignment with the fundamental principles of Qatar National Vision 2030, particularly its economic facet, which focuses on developing a competitive and diversified economy capable of meeting current needs and ensuring a high Standard of living for the future.
The move to distribute dividends twice a year will enhance investor confidence in the bank's operational performance and provide regular updates on its strong financial position and ability to deliver attractive returns to shareholders.
In the first quarter of this year, QNB Group's net profits rose by 7 percent to reach QR 4.14 billion, compared to QR 3.88 billion during the same period in 2023.
Furthermore, the credit rating agency Fitch has affirmed QNB Group's rating at "A+" with a stable outlook. Fitch attributed this rating to the bank's market position, sound asset quality, strong profitability, and adequate capitalization against risks arising from its international presence.
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