DOHA: Qatar National Bank's (QNB) is projected to grow by 10 percent in the year 2012. The country's fast growing economy and huge projects in the pipeline would be the growth drivers, H E Yousuf Hussein Kamal, the Minister of Finance and Economy, has said.
The Minister, who is also the chairman of the country's lead bank, was talking to the media on the sidelines of QNB Group ordinary and extra-ordinary general assemblies yesterday. "Qatari economy is growing and we are expecting a lot of projects coming this year. The mega projects would be the key driver of the bank's growth".
The minister said the bank's Islamic divisions were doing business to the tune of QR900m in 2011. The closure of the Islamic windows has its reflection on our 2011 results. But we are confident that it would be covered in the 2012 operations, he said.
Responding to a question on the 2012-2013 budgets, the minster said it is too early to comment the nature of the budget. "The prime minister has already made some hints about how the next budget would look like. I do not have anything to add on", he said.
On the QNB's move to buy Turkey's Denizbank, the minister said the deal might be sealed by the end of this year if the "price is right". Earlier, addressing the general assembly the minister said discussions were progressing on opening the bank's branches in Morocco and Turkey. He said the bank's Qatarisation programme is in full swing. "Nearly 85 percent of the bank's managers are Qataris. At least 250 Qataris have been appointed in the year," he said.
Meanwhile, the ordinary general assembly of QNB Group has ratified the proposal by the Board of Directors to distribute a cash dividend of 40 percent of the nominal share value (QR4.0 per share), one of the items on its agenda..The assembly also approved the Bank's audited financial results for the year ended December 31, 2011.
In regard of the Extra-Ordinary General Assembly meeting, shareholders approved the distribution of bonus shares of 10 percent of share capital amounting to 1 share for every 10 shares held. The General Assembly also approved the appointment of KPMG as External Auditors for the year 2012.
H E Yousef Hussein Kamal, also the Chairman of QNB Group's Board of Directors, presented an overview of the Bank's activities and financial results for 2011, and provided shareholders' with detailed answers in regard of all questions posed. The Chairman stated that QNB Group was able to deliver outstanding financial results for 2011, driven by the on-going expansion across the range activities both domestically and internationally along with the continuation of the adoption of a conservative approach to risk management that resulted in further enhancing the QNB Group's leading position amongst financial institutions in the Middle East and North Africa region.
QNB Group's net profit for 2011 exceeded QR7.5bn, representing an increase of 32 percent over 2010, with total assets increasing by 35 percent to reach QR302bn.
© The Peninsula 2012
