Finance Minister Confirms QNB's Commitment to Supporting Qatar's Business Sector

Doha, February 11 (QNA) - HE the Minister of Finance and Chairman of Qatar National Bank (QNB Group) Board of Directors Ali Shareef Al Emadi affirmed the Group's continued commitment to supporting the country's business sector and working as a key supporter to promote local production, economic development and national strategic projects by supporting all economic activities, including major state-sponsored projects and small and medium enterprises (SMEs). His Excellency said in his speech at the Ordinary General Assembly meeting of QNB on Sunday that the Group will focus locally on maintaining its market share and profitability in the public sector and strengthening its leadership in the services of private sector companies and individuals. He added that at the international level, the Group will further strengthen its presence in the Middle East, Africa and Southeast Asia, either by expanding its branch network or through acquisitions. HE Al Emadi said this success is also a result of a strong, effective and responsible governance framework, while the Group continues to work on introducing additional policy and procedural controls with its international branches in recognition of the importance of good governance in achieving business prosperity, in recognition of the importance of good governance in achieving business prosperity and reputation. During the meeting, HE the Minister of Finance presented an overview of the Group's activities and its financial results for 2017, coming in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020. HE the Chairman said QNB Group has posted the highest profits in its history in 2017 thanks to its financial strength, solid financial position and the expansion of its global network amid the continued recovery in global economic growth, especially in some regions where the Group is present. In this context, HE Al Emadi stressed the Group's success to achieve its growth goals despite some challenges facing the global economy, including tight monetary policies and rising debt levels thanks to the outstanding efforts exerted by QNB team. He added that QNB Group's branch network expansion, while providing a wide range of banking innovative products and services have resulted in maintaining a conservative risk profile, pointing out that international operations continued to achieve a high rate of the Group's profits, which amounted to 36 percent. HE the Chairman also provided an overview of the Group's business plans for 2018 aimed at maintaining QNB's leading position through diversifying income sources and expanding the range of activities across the Group. He expressed confidence in the ability to meet shareholders' expectations on the long term and make a positive contribution to all the countries in which the group operates. On the importance, the Group attaches to sustainability and social responsibility, HE Al Emadi stressed QNB's keenness to working with its partners to promote economic and social development in order to achieve sustainable growth, environmental conservation and investment in communities. The General Assembly ratified all items on its Agenda of the Ordinary General Assembly, including a proposal by the Board of Directors to distribute a cash dividend of 60 percent of the nominal share value (QAR 6 per share). The strong and robust performance of QNB Group in 2017 was reflected in the delivery of record financial results. Net profit reached QAR 13.1 billion, up by six percent compared to 2016 and total assets increased by 13 percent from December 2016 to reach QAR 811 billion, the highest ever achieved by the Group. QNB was also recognized as the most valuable banking brand in the Middle East and Africa region with a brand value worth USD4.2 billion, while maintaining the brand strength rating at AA+ level, according to The Bankers 2018 Brand Finance Global 500 report. QNB Group's presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees exceeds 28,200 operating through more than 1,230 locations, with an ATM network of more than 4,300 machines. (QNA)