QNB AGM approves annual accounts and distribution of 55% cash dividend
QNB Group has developed a new five-year plan that reaffirms its commitment to be a leading bank in the Middle East, Africa and Southeast Asia (MEASEA) while remaining the number 1 in the Middle East and Africa, said HE Ali Ahmed al- Kuwari, Chairman of the Board of Directors of QNB Group.
Speaking to QNB’s General Assembly on Sunday, al-Kuwari presented an overview of the group’s activities and financial results for the year ended December 31, 2021, and shared the action plan for 2022.
“After a year that shook the globe in unprecedented ways, 2021 has been a time of recovery from the Covid-19 pandemic with a shift towards positive sentiment and momentum.
“The year began with the launch of mass vaccination campaigns that allowed for restrictions to be eased. Coupled with strong policy support, this led to macroeconomic recovery and growth with global GDP recovering by 5.9%.”
Al-Kuwari remarked, “I am proud that QNB Group has been able to overcome the challenges of the pandemic and we are embracing the new normal across our institution. Coupled with the breadth of our banking experience, this allows us to maintain and continue our longstanding commitment to our stakeholders to drive prosperity and sustainable growth in the markets we serve. This new normal also prompted us to reconsider and review our corporate strategy.
“We have developed a new five-year plan that reaffirms our commitment to be a leading bank in the Middle East, Africa and Southeast Asia, while remaining our number one in the Middle East and Africa (MEA).”
The AGM approved QNB Group’s audited financial statements for the year ended December 31, 2021 and a recommendation by the Board of Directors to distribute a cash dividend of 55% of the par value of the share (equivalent to QR 0.55 per share).
The AGM also approved the appointment of KPMG as external auditor for 2022.
QNB Group delivered “record” financial results for the year ended December 2021, with net profit reaching QR 13.2 billion, up 10% from the same period last year.
Total assets increased by 7% to QR 1,093 billion.
QNB Group is proud to be the “Middle East and Africa Official Supporter” of the 2022 FIFA World Cup. QNB Group, through its subsidiaries and affiliates, is present in approximately 31 countries on three continents and offers a “comprehensive” range of advanced products and services.
The total number of employees is 27,000 operating in 1,000 locations with an ATM network of more than 4,500 machines.