QNB Group Intends to Recommend Increasing Foreign Investors' Ownership to 49%

Doha, March 12 (QNA) - QNB Group intends to recommend to the Extraordinary General Assembly of the Bank, to approve increasing the percentage of non-Qatari ownership in the Company's capital to 49% instead of 25%. QNB said in a statement that this came in accordance with the applicable provisions of Law No. 9 of 2014 regulating the Investment of Non-Qatari Capital in the Economic Activity and subject to approval of the concerned regulators. An Extraordinary General Assembly will be convened to present and approve the proposed amendment to QNBs Articles' of Association by adding an agenda item in respect of the above after securing the appropriate regulatory approvals of the proposed amendment. At its recent meeting, chaired by HE Minister of Finance and Chairman of the Board of Directors of QNB Group Ali Shareef Al Emadi, QNB Extraordinary General Assembly approved the distribution of a cash dividends of 60% of the nominal value per share (equivalent to QR6.0 per share). It also approved the Board of Directors' report, balance sheet and profit and loss accounts, as well as the auditor's report and the discharge of the Board of Directors. QNB achieved strong financial results in 2017 with a net profit of QR 13.1 billion, up 6% compared to the same period in 2016. Total assets increased by 13% to QR 811 billion, the highest level of assets in its history. QNB Group is currently present in more than 31 countries and three continents around the world, providing the latest banking services to its customers. (QNA)