Chairman of QNB Group’s Board of Directors H E Ali Ahmed Al Kuwari with board members during the Extraordinary and Ordinary General Assembly Meeting, yesterday.
Doha: QNB Group, the largest financial institution in the Middle East and Africa region, held its Extraordinary and Ordinary General Assembly Meeting, yesterday.
The General Assembly approved the Group’s financial statements for the year ended 31 December 2024 and the recommendation by the Board of Directors to distribute a cash dividend of 37% of the nominal share value (QAR0.37 per share) for the second half of the year ended 31 December 2024. The total dividend distribution for the year ended 31 December 2024 amounts to 70% of the nominal share value (QAR0.70 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 2024, and plans for 2025.
The Chairman stated: “This evolution and these achievements over the last 60 years form a strong foundation to navigate future growth and development. Looking back at 2024, the global economic landscape presented both challenges and opportunities. After expectations for moderate global growth and subsequent negative inflation surprises at the beginning of the year, activity increased and price pressures eased, creating a more positive macro environment. This allowed for the long-awaited initiation of monetary policy easing by major central banks from advanced economies.”
“It gives me great pleasure to report that in 2024, we made significant progress in realizing our vision and strategy. Complementing our commitment to shareholders, we remain dedicated to our broader strategic objectives that underpin QNB’s continued growth and leadership. QNB’s vision is to maintain its position as the leading bank in MEA, which is aligned with our purpose to promote prosperity and sustainable growth across the markets we serve,” Chairman added.
QNB Group delivered a strong performance in 2024. Achieving a net profit of QR16.7bn, up 8% from the previous year, and an operating income of QR41.3bn, an increase of 6%. As a result, QNB remains one of the world’s top 50 banks in terms of market capitalisation, reaching QR159bn.
QNB’s General Assembly meeting elected four Board members representing the private sector and three independent Board members. In addition, Qatar Investment Authority (QIA) appointed its representatives on the Board.
QNB Group’s new Board of Directors for its new term from 2025 to 2027 are as follows:
Members representing QIA: H E Ali Ahmed Al Kuwari; H E Sheikh Fahad bin Faisal bin Thani Al Thani, H E Sheikh Hamad bin Jabor bin Jassim Al Thani, and
H E Mohammed Saif Al Sowaidi.
Members representing the Private Sector: Sheikh Suhaim Bin Khalid bin Hamad Al Thani, Sheikha Hanadi bint Nasser Bin Khalid Al Thani, H E Fahad Mohammed Fahad Buzwair, Bader Abdulla Darwish Fakhroo
Independent board members: Dr. Abdulrahman Mohammed Jolo, Hemyan Mansour Rashid Al Khater, Abdulaziz Mohammed Abdulrahman Al-Mannai
Furthermore, the Board of Directors also elected H E Ali Ahmed Al Kuwari as Chairman of the Board and H E Sheikh Fahad bin Faisal bin Thani Al Thani as Vice Chairman of board for the current term.
