QNB Net Profit Exceeds QR 7.5 Billion, Assembly Approves QR 4 per Share Cash Dividend

Doha, January 29 (QNA) - Riding on a net profit exceeding QR 7.5 Billion, QNB Group Sunday approved Qatar National Bank's audited financial results for the year ended December 31, 2011, and announced cash dividend of 40% of the nominal value at QR 4.0 per share following its Ordinary General Assembly meeting held at Fareej Sharq Hotel. QNB Group s Net Profit for 2011 exceeded QR7.5 billion, representing an increase of 32% over 2010, with Total Assets increasing by 35% to reach QR302 billion. The meeting, chaired by QNB Group's Board of Directors Chairman HE Yousef Hussain Kamal, approved Qatar National Bank's audited financial results for the year ended December 31, 2011 as well as ratified all items on its agenda including the appointment of KPMG as External Auditors for the year 2012. The shareholders approved the distribution of bonus shares of 10% of share capital amounting to one share for every 10 shares held at the Groups its Extra-Ordinary General Assembly meeting, During the General Assembly meeting, the chairman presented an overview of the QNB's activities and financial results for 2011. He answered shareholders questions on various aspects of the results. HE Yousef Kamal said the QNB Group was in a position to deliver outstanding financial results for 2011, on the strength of its 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. The chairman presented an overview of the bank s business plans for 2012 that focus on retaining its leading position through diversifying income sources along with expanding the range of activities within QNB Group and its subsidiaries and associate companies that currently operate in 24 countries around the world. (QNA)