Tribune News Network
Doha
QNB Group is pleased to announce that it has received all required regulatory approvals from Qatar Central Bank (QCB) and Qatar Financial Market Authority (QFMA) to proceed with its share repurchase initiative. The approval follows the QNB board of directors’ decision on September 11, 2024, and is in accordance with Article 10 of the bank’s Articles of Association.
The share buyback will involve a repurchase of shares worth up to QR2.9 billion, as permitted under QFMA decision numbers 3 and 4 of 2024. QNB intends to fund the buyback using its existing cash resources and will conduct the repurchase through an Open-Market Repurchase (OMR) mechanism in compliance with applicable QFMA rules and regulations.
The buyback will commence after the publication of QNB’s interim financial results for the nine-month period ending September 30, 2024, subject to market conditions.
The decision to undertake this repurchase was made after thorough evaluation of several factors, including shareholder expectations, QNB’s strong financial position, and its long-term growth strategy.
The bank’s high return on equity, superior earnings quality, and strong financial ratios related to equity and liquidity also supported the move. Additionally, the decision reflects QNB’s confidence in the continued support and trust of the investor community.
QNB Group will continue to maintain robust capital buffers well above the regulatory minimums set by QCB and Basel III requirements. The share buyback is not expected to have a material impact on QNB’s capital ratios.
Operating in more than 28 countries across three continents, QNB Group manages approximately 900 locations and 5,000 ATMs, supported by a workforce of 30,000employees.