|
QNB shareholders approve dividend offer
|
|
The shareholders of Qatar National Bank (QNB) last evening approved at their general assembly the Board of Directors recommendations to distribute cash dividend of 40 percent of the nominal value of share capital, representing QR4 per share for 2009 financial year.
They have also approved the Boards recommendation of a bonus share issue of 30 percent of share capital, representing three shares for every 10 shares held.
The General Assembly of QNB shareholders elected five members from the private sector to the Board of Directors to serve a three-year term. They include Sheikh Jassem bin Abdulaziz Bin Jassem Bin Hamad Al Thani, Sheikh Hamad Bin Abdullah Bin Khalifa Al Thani, Ali Hussain Ali Al Sada, Bader Abdullah Darwish Fakhro and Fahad Mohammed Fahad Buzwair.
Speaking at the general assembly H E Yousef Hussain Kamal, Chairman of the banks Board said that QNB was able to deliver outstanding financial results for 2009 with net profit exceeding QR4.2bn. This represents an increase of 15 percent over 2008, despite the economic and financial crisis that faced many countries around the world, reaffirming the banks leading position domestically and internationally, he said, noting “these results were the outcome of a conservative approach to risk management.”
The Banks Total Assets increased by 18 percent to QR179.3bn, while customer deposits and unrestricted investment accounts increased by 20.7 percent to reach QR125.9bn. Loans and advances and financing activities grew by 8.7 percent to QR108.8bn.
QNB was able to maintain its non-performing loans ratio at 0.7 percent of gross loans, clearly demonstrating the Banks success in maintaining the high quality of its loan portfolio through an effective risk management approach.
Net operating income increased to QR5.7bn in 2009, up by 11.1 percent from 2008. The Bank was able to achieve strong growth in most sources of Other Income with net interest income and income from financing activities increasing by 31.4 percent to QR3.7bn.
QNB was also able to control general and administrative expenses which reflected positively of the efficiency ratio (cost to income ratio) which decreased to 19.6 percent in 2009 from 20.5 percent in 2008.
Total shareholders equity at year-end 2009 reached QR 19.8bn, up by 18.9 percent from the previous year. The increase in net profit resulted in an increase in earnings per share to QR 14 in 2009 from QR12.3 in 2008.
QNB Al Islami also succeeded in achieving excellent results during 2009, with net profit reaching QR 420.3m in 2009, up by 26.9 percent from 2008. Financing activities reached QR14.5bn in 2009, up by 114 percent from 2008. Total assets reached QR22bn, up by 64.5 percent from 2008, while unrestricted investment accounts reached QR18.8bn, up by 81.5 percent from the previous year.
The Banks business plans for this year include a focus on Islamic banking products and services, solidifying the relationship with overseas branches and associate companies, along with the expansion in key markets and the opening of additional branches.
|
| Time Added : 2010-02-08 15:01:57 |
Source :
|
|
|
|
