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QNB proposes first interim dividend in 60 years

By Pramod Kumar
Customer deposits at QNB at the end of June were up 6 percent year on year to QR891 billion Qatar News Agency
Customer deposits at QNB at the end of June were up 6 percent year on year to QR891 billion

Qatar National Bank (QNB), the largest Gulf bank by assets, has proposed to distribute the first-ever interim dividend in six decades after strong retained earnings and sufficient regulatory reserves.

The board plans to pay a 33 percent interim dividend, or QR0.33 per share, payable to shareholders on record at the close of trading on July 17, 2024.

The payout is subject to approval by the Qatar Central Bank.

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Net profit increased 7 percent year on year to QR8.2 billion ($2.3 billion) in the first six months of 2024. Operating income rose 9 percent annually to QR20.1 billion, driven by high growth across various revenue sources.

Total assets reached QR1.3 trillion at the end of June 30, 2024, rising 5 percent year on year. This growth came as loans and advances were up 7 percent year on year to QR879 billion.

Customer deposits rose by 6 percent year on year to QR891 billion as of June 30, 2024.   

The cost-to-income ratio stood at 22.4 percent, which is among the best among large financial institutions in the Middle East and Africa region.

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