January 15, 2017 07:25 AM Eastern Time
DOHA, Qatar--(BUSINESS WIRE)--QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2016.
For the twelve months ended 31 December 2016, Net Profit reached QAR12.4 billion (USD 3.4 billion), up by 10% from last year. Total assets reached QAR720 billion (USD198 billion), up by 34% from December 2015, the best absolute results in QNB Group’s history.
The Board of Directors have recommended to the General Assembly, the distribution of a cash dividend of 35% of the nominal share value (QAR 3.5 per share) and a bonus share of 10% of the share capital (1 share for every 10 shares). The financial results for 2016 along with the profit distribution are subject to Qatar Central Bank (QCB) approval.
The growth in assets was driven by loans and advances which grew by 34% to reach QAR520 billion (USD143 billion). At the same t
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