H E Ali bin Shareef Al Emadi (second right), Chairman of QNB Group, who is also the Minister of Finance, addressing the AGM of the bank at Sharq Village and Spa, in Doha yesterday, as Deputy Chairman Sheikh Fahad bin Faisal Al Thani (third left); Group CE
QNB will be reviewing its latest five-year strategy, which is set to culminate this year, in order to launch its fresh strategic plan for the next five years, H E Ali bin Shareef Al Emadi, Chairman of the Board of Directors, QNB, announced yesterday.
Addressing QNB’s Ordinary General Assembly Meeting, the Chairman noted QNB’s five-year strategy has been a guide in the bank’s success story for the past five years. “Looking ahead, next year marks the culmination of our latest five-year strategy, which has been a fundamental guide in our success story. We will be reviewing this strategy in order to set our course for the next five years, leveraging upon our strengths to continue to deliver value to our shareholders”, he said.
The Chairman noted rapid pace of innovation and digital transformation is forcing the banking sector to change and evolve. 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.
“As well as creating value for our customers, it is important that we also seek to contribute and support society in the countries where QNB operates. We believe that by placing society at the heart of our business, we create meaningful value for our stakeholders and deliver sustainable, long-term value for our shareholders. This year, we became a signatory of the United Nations Global Compact, cementing our commitment to sustainability. We believe sound governance, tireless innovation and sustainable development are fundamental to our long-term prosperity.”
He said the global macroeconomic conditions were challenging. These included challenges such as lower global growth, US-China trade tensions, and the escalation of political and geopolitical risks as well as demanding and stringent regulatory requirements. Despite these headwinds, QNB’s strong fundamentals kept the bank on its strategic track. QNB demonstrated sustainable growth momentum in 2019, with a 4 percent growth in net profit to QR14.4bn. QNB 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.
“Robust governance, a clear strategy, solid risk management and disciplined execution have driven our success. The strength and experience of the Group’s Board members, combined with the expertise of our executive leadership and talented employees, continues to transform our business, embedding a culture of transparency, accountability, and collaboration. 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”, the Chairman said.
Replying to shareholders questions on the potential impact of US-China trade war, Al Emadi said any possible US-China trade tension will have its bearing on global commercial trade. Replying to another question, the Chairman said QNB’s exposure to real estate sector is normal.
The Ordinary General Assembly approved a proposal by the Board of Directors to distribute a cash dividend of 60 percent of the nominal share value, representing QR0.6 per share.
QNB Group delivered record financial results for the year ended 31 December 2019, with net profit reaching QR14.4bn, up by 4 percent compared to same period last year. Total assets increased by 10 percent to reach QR945bn.
