QNB Group’s performance, growth driven by strong governance and strategy: Chairman

General assembly approves recommendation by board of directors to distribute a cash dividend of 65% of nominal share value (QR0.65 per share)
QNB Group’s performance and growth was driven by strong governance, strategy, leadership and disciplined execution, noted bank chairman HE Ali bin Ahmed al-Kuwari.
Presenting a report on QNB Group’s activities and financial position for 2023, and plans for 2024, at its Ordinary General Assembly on Sunday he said, “In 2023, we continued to successfully execute upon our vision and strategy. The underlying financial performance of the Bank remained strong, and we additionally progressed on our risk, control and regulatory agendas. Our performance and growth was driven by strong governance, strategy, leadership and disciplined execution.
“QNB’s vision is to be the number one bank in MEA while aiming to be a leading MEASEA bank, which is aligned with our purpose to promote prosperity and sustainable growth across the markets we serve. Our strategy requires us to continuously uplift our capabilities to cater for an ever-changing world.’’
The general assembly approved the Group’s financial statements for the year 2023 and a recommendation by the board of directors to distribute a cash dividend of 65% of the nominal share value (QR0.65 per share).
QNB Group continued to deliver record financial results for 2023, with net profit reaching QR15.5bn, an increase of 8% compared to the same period last year.
Total assets reached QR1,231bn, an increase of 4% from December 31, 2022.
Last month, Moody's upgraded QNB's long-term credit rating to ‘Aa2’ from ‘Aa3’ based on the solid financial strength of QNB Group.
QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa region.
Through its subsidiaries and associate companies, the Group’s presence extends to some 28 countries across three continents, providing a comprehensive range of advanced products and services.
The total number of employees is 30,000, operating through 900 locations, with an ATM network of more than 4,800 machines.