QNB Group sees innovation as key to lead in MEASEA region
February 09 2020 08:32 PM
HE al-Emadi engages with shareholders during the QNB's Ordinary General Assembly Meeting held yester
HE al-Emadi engages with shareholders during the QNB's Ordinary General Assembly Meeting held yesterday in Doha. PICTURE: Thajudheen

QNB Group is focusing on innovation, seeing it as a key component to become one of the leading banks in the Middle East, Africa, and Southeast Asia (MEASEA), it was announced on Sunday during the bank’s Ordinary General Assembly Meeting.
Speaking at the meeting, which approved the proposed 60% cash dividend of the nominal share value (representing QR0.6 per share), HE the Minister of Finance Ali Sherif al-Emadi, who is also QNB Group chairman, said the rapid pace of innovation and digital transformation is forcing the banking sector to change and evolve.
“This is underpinned by our strict adherence to good governance across our network. In 2019, we continued to elevate our governance standards, while investing in frameworks and tools to augment our risk management capabilities to ensure a consistent, group-wide approach. As cyber risk remains a critical focus point for us, we continued to expand our cybersecurity capabilities to keep up with constantly evolving threats,” he said.
Al-Emadi continued, “The group truly believes that innovation is a key component to realise its vision to become one of the leading banks in MEASEA, not only helping drive greater value, but also ensuring that its business is fit and ready for the future. The launch of our global innovation centre this year should help us to capitalise on those initiatives in the future.”
In its 2019 annual report, QNB Group CEO Abdulla Mubarak al-Khalifa said the bank will continue to invest in technology and innovation in 2020 to ensure that it provides “the best and most secure products and services” to its customers.
“Naturally, investment in our flourishing domestic business will continue so that we remain firmly in a market-leading position. At the same time, we will carry on capitalising on the opportunities beyond our borders, prudently growing our international network to uncover more opportunities and further diversify our portfolio,” al-Khalifa stated.
Similarly, al-Emadi also shared the group’s action plan for 2020, which is aimed at enhancing the bank’s leading position in the sector. “Our ongoing success has been driven by robust governance, a clear strategy, solid risk management and disciplined execution, and we will continue to improve our business, embedding a culture of transparency, accountability, and collaboration. This is underpinned by our strict adherence to good governance across our network,” he said.
Al-Emadi stressed that the group was able to deliver “outstanding financial results” last year in all its local and international operations, while continuing to pursue a wise policy and effective risk management.
“Globally, the macroeconomic conditions were challenging. These included challenges such as lower global growth, US-China trade tensions, the escalation of political and geopolitical risks, as well as demanding and stringent regulatory requirements.
“Despite these headwinds, our strong fundamentals kept us on our strategic track. QNB demonstrated sustainable growth momentum in 2019, with a 4% growth in net profit to QR14.4bn. We also continued to demonstrate strong growth in earnings per share, reaching QR1.45. As a result, QNB has further consolidated its position as one of the world’s top 40 banks in terms of market capitalisation, reaching QR190.2bn,” he said.



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