Doha, HE Ali Shareef Al Emadi, Minister of Finance and the Chairman of QNB Group's Board of Directors, said that QNB Group will enter Saudi market this year, adding that entering the region's largest market is an important step to expand the Group's activities and foreign investments.
Speaking during the Ordinary and Extraordinary General Assembly meetings held today, HE Al Emadi said the Group's geographical expansion, which is carefully studied, contributes to the reduction of risk and volatility inherent in the banking business.
The General Assembly meetings approved the Group's Financial Results for the year ended 31 December 2016. The General Assembly ratified all items on its Agenda of both the Ordinary and Extraordinary General Assemblies, including the proposal by The Board of Directors to distribute a cash dividend of 35% of the nominal share value (QR 3.5 per share) and a bonus share of 10% of the share capital (1 share for every 10 shares). The meeting also approved the appointment of Ernst & Young as External Auditors for the year 2017.
During the meeting, the Chairman of QNB Group's Board of Directors, presented an overview of the Bank's activities and its financial results for 2016.
HE the Chairman also highlighted the Group's achievements during the year, most notably its acquisition of a 99.88% stake in Turkey's Finansbank, (now rebranded as QNB Finansbank) the fifth largest privately owned bank in Turkey in terms of total assets, net loans and total customer deposits.
His Excellency also explained that the Group has achieved its vision of becoming a Middle East and Africa Icon by 2017 ahead of time, reflecting the Group's strong capabilities and sound planning, thanks to the excellent efforts of QNB team.
HE the Chairman also announced the Group's new vision to become a leading bank in the Middle East, Africa, and South East Asia by 2020, and vowed the Group's unprecedented will and determination to achieve it.
HE the Chairman also provided an overview of the Bank's business plans for 2017. Retaining its leading position through diversifying income sources and expanding the range of activities across the QNB Group were of primary focus. The ability to meet shareholders' expectations remained a core consideration for this year.
The strong and robust nature of QNB Group's performance in 2016 was reflected in the delivery of record financial results. Net profit reached QR12.4 billion, up by 10% compared to 2015, and total assets increased by 34% to reach QR720 billion.
QNB Group's presence through its subsidiaries and associate companies extends to more than 30 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees exceeds 28,000.
Source: Qatar News Agency