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QNB eyes expansion in MEASEA markets for growth, says Emadi

QNB eyes expansion in MEASEA markets for growth, says Emadi

Satyendra Pathak
Doha
Middle East, Africa, and Southeast Asia (MEASEA) markets will remain the focal point for Qatar National Bank (QNB) Group’s long-term global growth, Minister of Finance and QNB Chairman HE Ali Shareef al Emadi said on Sunday.
Addressing shareholders at the bank’s ordinary and extraordinary general assembly meeting in Doha, Emadi said the bank’s action plan for 2019 aimed at
enhancing its leading position in the banking sector at the local and international levels.
“Diversifying income sources and expanding the range of activities within the Group and its subsidiaries and associate companies are key elements towards achieving the Group’s vision to become a leading bank in MEASEA by 2020,” he said.
Presenting an overview of the bank’s activities, achievements, and financial results for 2018, he said, “QNB Group was able to deliver outstanding financial results during 2018 in all its local and international operations while continuing to pursue a wise policy and effective risk management.”
QNB Group delivered record financial results in 2018, with net profit reaching QR13.8 billion, up by 5 percent compared to same period last year. Total assets increased by 6 percent to reach QR862 billion.
“The bank also continued to demonstrate strong growth in earnings per share, reaching QR14.4,” he said.
“This performance has been well received by the market, where QNB is now among the top 40 banks worldwide in terms of market capitalisation, reaching QR180.1 billion,” Emadi said.
In a statement issued on the occasion, QNB Group Chief Executive Officer Abdulla Mubarak al Khalifa said, “Looking into 2019 and beyond, we will continue to invest in our flourishing domestic business to maintain a market-leading position, while at the same time growing our international network to uncover more opportunities to further diversify sources of business.”
From an international perspective, Khalifa said, the Group continued its journey of controlled expansion. “We opened new branches in Oman and Kuwait, while advancing plan for entering Hong Kong next year. By reinforcing our international presence and capitalising on synergies across our entire network, we have driven greater efficiencies, built greater consistency and solidify our specialised global wholesale business.”
Earlier, the ordinary general assembly ratified all the remaining items on its agenda including a proposal by the board of directors to distribute a cash dividend of 60 percent representing QR6 per share. The general assembly also approved the appointment of KPMG as external auditors for the year 2019.
The ordinary general assembly also elected five new board members representing the private sector.
The new board members are Bader Abdullah Darwish Fakhroo; Fahad Mohammed Fahad Buzwair; Ali
Hussain Ali al Sada; Sheikh Abdulrahman bin Saud bin Fahad al Thaniand Adel Hassan bin Hassan al Mulla al Jufairi.
The extraordinary general assembly approved the split of the par value of the ordinary share to be QR1 instead of QR10, as per the instructions of the
Qatar Financial Markets (QFMA) and approved the amendment of related provisions in the bank’s articles of association.

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