Dubai: Qatar National Bank (QNB), the largest bank in the Gulf region based on assets, proposes its first interim dividend in six decades, buoyed by strong retained earnings and ample regulatory reserves.
The board intends to distribute a 33 per cent interim dividend, amounting to $0.09 (Dh0.33) per share, to shareholders recorded as of the close of trading on July 17, 2024. This proposal is contingent upon approval from the Qatar Central Bank.
QNB reported a 7 per cent year-on-year increase in net profit to $2.3 billion (Dh8.4 billion) for the first half of 2024. Operating income also saw growth, rising by 9 per cent annually to $5.5 billion (Dh20.2 billion), driven by robust performance across various revenue streams.
As of June 30, 2024, total assets stood at $356 billion (Dh1.3 trillion), marking a 5 per cent year-on-year increase. Loans and advances grew by 7 per cent year on year to $240.9 billion (Dh884 billion), while customer deposits increased by 6 per cent to $244 billion (Dh896 billion) during the same period.
The bank's cost-to-income ratio was reported at 22.4 per cent, positioning QNB favorably among the leading financial institutions in the Middle East and Africa region.
