QNB announced that it has obtained all necessary regulatory approvals from the Qatar Central Bank and the Qatar Financial Markets Authority to begin implementing the share buyback program. In accordance with Article 10 of the QNB Group’s Articles of Association and based on the Board of Directors’ decision dated September 11, 2024, QNB will implement a buyback of the bank’s shares up to a maximum of 2.9 billion Qatari riyals in accordance with the rules stipulated in Qatar Financial Markets Authority Resolutions No. 3 and No. 4 of 2024. It intends to QNB Group finances the buyback of its shares from the cash resources available at QNB.
The share buyback process will be implemented through open market mechanisms in accordance with the applicable rules and regulations of the Qatar Financial Markets Authority. The buyback process will begin after the announcement of the interim financial results for the nine months ending on September 30, 2024, in accordance with market conditions and the rules and regulations of the Qatar Financial Markets Authority related to the buyback.
The decision to buy back QNB shares came after careful consideration of several factors, the most important of which are shareholders’ current and future expectations, the strength of QNB Group’s financial position and growth strategy, the strong return on equity, high-quality profits, financial ratios related to shareholders’ equity and the continued confidence of investors.
QNB Group will continue to maintain strong capital buffers above the minimum regulatory requirements of the Qatar Central Bank and Basel III Committee, and no material impact on capital or associated financial ratios is expected.
QNB Group is present in more than 28 countries across three continents, and employs more than 30,000 employees through 900 locations and 5,000 ATMs.
