QNB Group recognises importance of sustainable finance, operations; delivers 'another year' of robust performance, growth: Al-Kuwari

Robust economic performance supported by elevated hydrocarbon prices, the recovery from Covid-19 pandemic and the impact of the
FIFA World Cup Qatar 2022 “accelerated the execution of the Qatar National Vision 2030 and assisted in the transition towards a knowledge-based economy”, noted QNB Group Chairman HE Ali bin Ahmed al-Kuwari.
He was addressing QNB shareholders at their ordinary general assembly meeting in Doha yesterday.
Presenting a detailed report of QNB Group’s financial results for 2022 and sharing the business plan for 2023, al-Kuwari, also the Minister of Finance, said, “In line with our purpose, vision and strategy, QNB Group has delivered another year of robust performance and growth. This year was both exceptional and unforgettable for the State of Qatar.”
The QNB chairman noted, “We acknowledge that sustainability is not a choice, but a strategic imperative that we embed into our business and operating model to make a positive contribution to the societies in which we present.
“As a responsible business, we also recognise the importance of sustainable finance, sustainable operations and ‘beyond banking’ to support the communities in which we live and work. All three pillars are a crucial part of our purpose and support QNB’s objective of sustainable growth. We recognise that our strategy entails new components that require us to uplift our capabilities, also with regard to the way we work and interact.
“Consequently, QNB aims to adopt a corporate culture and values that support the execution of the strategy. This year was marked by our efforts to continue to deliver upon our strategy while at the same time leveraging our brand and nurturing our relationships to further strengthen our business proposition.”
Meanwhile, the general assembly of shareholders approved the QNB Group’s financial statements for 2022 and a recommendation by the Board of Directors to distribute a cash dividend of 60% of the nominal share value (which translates into QR0.60 per share).
QNB Group delivered “record” financial results for the year that ended on December 31, 2022 with net profit reaching QR14.3bn, up 9% on 2021.
Total assets increased by 9% to reach QR1,189bn.
Replying to a query by a shareholder, al-Kuwari termed the QNB Group’s dividend payout as “fair”.
“I strongly believe our dividend payout of 60% safeguards the interests of our shareholders and the company alike. And the dividend payout is higher than it was in the previous year,” al-Kuwari said.
QNB Group is currently ranked as the “most valuable bank brand” in the Middle East and North Africa.