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QNB Chairman H E Yousuf Hussein Kamal (fourth left) addressing the ordinary general assembly, yesterday. (Abdul Basit)
By Satish Kanady
DOHA: QNB Group has projected a 40 percent of its net profit coming from the bank’s international operations in 2013. An estimated 21 percent of its 2012 full year net profit derived from foreign operations, H E Yousuf Hussein Kamal, Chairman of the bank said.
The QNB is aggressive on its international expansion plans. There is a strong competition in the financial sector. Qatari market is too mall and we need to expand our operations beyond the borders, he said while replying to the shareholders’ questions at the bank’s ordinary general assembly yesterday.
“At least 21 percent of the group’s 2012 net profit came from international operations. We are targeting a total of 40 percent of the bank’s net profit from our international operations this year. The aim is to transform QNB Group into a Middle East and Africa icon,” he added.
Despite the political uncertainties in some countries, where we have major operations, the bank’s revenue got doubled in 2012. The QNB foresees long term prospective in countries like Egypt, where the group has made a 77.17 percent stake in National Societe Generale Bank-Egypt (NSGB). “The process of getting regulatory approvals is under way. This transaction, the largest acquisition in the bank’s history, is a significant step towards strengthening regional presence,” said Yousuf Hussein.
Following the announcement of NSGB deal, QNB Group maintained its high credit ratings with an affirmation of the bank’s ratings from Moody’s, Standard & Poor’s and Fitch. This affirmation represents a clear indicator of the group’s strong financial position and the confidence in its strategy and expansion plans.
Also in line with QNB’s international expansion plans, the bank has completed during 2012 the acquisition of a 49 percent stake in the Bank of Commerce and Development in Libya with a management agreement. The bank has increased its stake in a number of associate companies, along with opening new branches and expanding the range of products and services across the international network.
The general assembly ratified all the items on its agenda including the proposal by the Board of Directors to distribute a cash dividend of 60 percent of the nominal share value, representing QR6 per share. The assembly also approved the appointment of Ernst & Young as External Auditors for the year 2013.
The meeting approved the election of five board members from the private sector for the period 2013-15. The new members include Sheikh Jassim bin Abdulaziz bin Jassim bin Hamad Al Thani, Broog Trading Company represented by Sheikh Khalid bin Hamad bin Khalifa Al Thani, Bader Abdullah Darwish Fakhroo, Ali Hussain Ali Al Sada and Fahed Mohammmed Fahed Buzwair.