QNB committed to strategic projects

12/02/2018 05:59 AST

The Chairman of QNB Group, H E Ali Shareef Al Emadi, yesterday noted that the bank will remain committed to important projects, and boosting local production by supporting the private sector, especially the SMEs. And at the same time QNB will continue its focus to strengthen the Group's presence in the Middle East, Africa and Southeast Asia region by expanding its branches' network or through acquisitions.

On its operations in Qatar, the Chairman said that the Group will focus on maintaining its market share and profitability in the public sector while enhancing its leadership in personal and corporate banking.

"The Group is commited to supporting the country's business sector and working as a key supporter to promote local production, economic development and national strategic projects by supporting all economic activities, including major state-sponsored projects and small and medium enterprises (SMEs)," Al Emadi said in his address at the QNB's Ordinary General Assembly Meeting, yesterday.

The General Assembly approved all the items on the agenda of the meeting, including the Board of Directors' recommendation to distribute a cash dividend of 60 percent of the nominal share value (QR 6 per share) to shareholders. The QNB Group, the largest financial institution in the Middle East and Africa region, witnessed a strong and robust performance in 2017 with a net profit of QR13.1bn, up by 6 percent compared to 2016 and total assets increased by 13 percent from December 2016 to reach QR811bn ($222.71bn), the highest ever achieved by the Group.

Commenting on the financial results of the bank, the Chairman said that the QNB Group has posted the highest profits in its history in 2017 thanks to its financial strength, solid financial position and the expansion of its global network amid the continued recovery in global economic growth, especially in some regions where the Group is present.

He also noted the Group's success to achieve its growth goals despite some challenges facing the global economy, including tight monetary policies and rising debt levels thanks to the outstanding efforts exerted by QNB team. QNB Group's expansion, while providing a wide range of banking innovative products and services, have resulted in maintaining a conservative risk profile, Al Emadi said, pointing out that international operations continued to achieve a high rate of the Group's profits, which amounted to 36 percent.

He said that this success is also a result of a strong, effective and responsible governance framework, while the Group continues to work on introducing additional policy and procedural controls with its international branches in recognition of the importance of good governance in achieving business prosperity.

The Chairman of the region's largest lender also provided an overview of the Group's business plans for 2018 aimed at maintaining QNB's leading position through diversifying income sources and expanding the range of activities across the Group. The ability to meet shareholders' expectations remained a core consideration for this year.

Speaking to the media on the sidelines of the AGM, Ali Ahmed Al Kuwari (pictured), Group CEO, said: "2017 was an excellent year for the QNB Group recording record profit. QNB was also recognised as the most valuable banking brand in the Middle East and Africa region with a brand value worth $4.2bn, witnessing 10 percent growth."

The Peninsula