Doha, 10 February 2008 - Qatar National Bank (QNB) announced that the Bank's Ordinary and Extraordinary General Assembly meetings were held on the evening of February 10, 2008.

H.E. Yousef Hussain Kamal, Chairman of the Board, addressed the assembly and presented an overview of 2007 financial results and activities, along with business plan for the year 2008. 

The Assembly approved the 2007 financial results and the Board's recommendation to distribute a cash dividend of 50% of the nominal share value, representing QR5 per share, and a bonus share of 20% of the share capital, representing one share for every 5 shares.

Commenting on 2007 results, H.E. the Chairman stated: "2007 was another year of record breaking financial performance and substantial improvement in the profitability and growth for Qatar National Bank".

H.E. the Chairman added that Net Profit rose by 25.5% to reach QR2,508 million, compared with the net profit of QR1,998 million delivered in 2006. The Bank recorded a substantial growth in all of its income components, with total income increasing by QR767.8 million (28.4%) to reach QR3,469 million.

At the end of the year 2007, the Bank's total assets stood at QR114.4 billion reflecting an increase of QR42.7 billion (59.6%), from year-end 2006 level of QR71.7 billion.  The growth in total assets was mainly attributable to the growth in loans and advances and financing activities that increased by QR19.8 billion (42.9%) to reach QR66.1 billion, and a 42.3% increase in customer deposits and unrestricted investment accounts to reach QR79.4 billion. 

QNB Al Islami also succeeded in achieving excellent results during 2007, with financing activities increasing by QR2.5 billion (125%) to reach QR4.5 billion. Net profit of QNB Al Islami rose by QR73.2 million (97.5%) to reach QR148.3 million and its total assets grew by QR1.3 billion (22%) to reach QR7.2 billion.

Apart from the strong financial results achieved in 2007, QNB expanded its overseas presence significantly with a presence in 5 new countries to include new branches in Yemen, Oman and Kuwait along with representative offices in Libya and Singapore.  In addition, QNB acquired 30.5% of The Housing Bank for Trade and Finance, Jordan's second largest bank. Also, an agreement was reached to establish a bank in Syria in which QNB's stake amounts to 49%.

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About Qatar National Bank (QNB)
Qatar National Bank (QNB) was established in 1964 as the country's first Qatari-owned commercial bank, with an ownership structure split between Qatar Investment Authority (50%) and the private sector (50%). 

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 45% of banking sector assets. QNB has the largest distribution network of 42 branches and offices (including 3 mobile branches), in addition to 10 Islamic branches and offices, and 130 Automated Teller Machines (ATMs).

QNB's international presence is rapidly expanding to include new locations around the world to supplement existing branches in London and Paris and the Representative Office in Iran. QNB's new branches in Yemen, Oman & Kuwait and its representative offices in Libya & Singapore began its operations in 2007.  Recently, QNB, obtained licenses to operate in Sudan and Mauritania. 

As part of the same expansion plan, QNB has acquired 30.5% of the shares of the Jordan based, The Housing Bank for Trade and Finance (HBTF) which operates in Palestine, Bahrain, Algeria, Syria, UAE, Libya and Iraq, in addition to Jordan. QNB also signed an agreement to establish the Qatar National Bank-Syria jointly with other Syrian private and public sectors institutions with 49% share.

QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled. 

Through its Islamic branch, QNB Al Islami, QNB was the first commercial bank in Qatar to offer Islamic Banking products and services, and the first Qatari bank to launch equity funds (Al Watani Funds) for companies listed in the Doha Securities Market.

The London-based Ansbacher, QNB's Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, the Bahamas, Dubai International Financial Center and Qatar Financial Center. Ansbacher was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region.

QNB has the highest credit rating among regional banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards for its innovative products, services and remarkable performance from leading international specialized financial publications.

QNB has an active community support program and sponsors various social, educational, and sports events.

For further information, please contact QNB's Public Relations Department at (974) 4252591, Fax (974) 4252589, email: PR@qnb.com.qa or visit QNB's website www.qnb.com.qa

© Press Release 2008