QNB Ordinary General Assembly approves financial statements and 65% cash dividend for shareholders

Posted on : Mon, 12 Feb 2024

Doha, 12 February 2024 - 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 the year ended 31 December 2023 and a recommendation by the Board of Directors to distribute a cash dividend of 65% of the nominal share value (QAR0.65 per share). 
Addressing the meeting, H.E. Ali Ahmed Al Kuwari, Chairman of QNB Group's Board of Directors, presented a report on the Bank’s activities and financial position for the year ended 31 December 2023, and plans for 2024.
H.E. the Chairman 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,’’ H.E. Al Kuwari added.
QNB Group continued to deliver record financial results for the year ended 31 December 2023, with net profit reaching QAR15.5 billion (USD4.3 billion), an increase of 8% compared to the same period last year. 
Total Assets reached QAR 1,231 billion (USD338 billion), an increase of 4% from 31 December 2022.
On 29 January 2024, Moody's upgraded QNB's long-term credit rating to Aa2 from Aa3 based on solid financial strength of QNB Group.
QNB Group 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.