DOHA, Qatar, Sept. 29, 2024 /PRNewswire/ -- QNB Group is pleased to announce that it has obtained all applicable regulatory approvals from Qatar Central Bank (QCB) and Qatar Financial Market Authority (QFMA) to proceed with its share repurchase.
As permitted under Article 10 of QNB's Articles of Association and based on QNB Board of Directors' decision dated 11 September 2024, QNB will conduct its share buyback up to an amount of QAR2.9 billion in accordance with QFMA decision numbers 3 and 4 of 2024. QNB Group intends to fund its share buyback from its existing cash resources available with QNB. The Share Buyback will be conducted using an Open-Market Repurchase (OMR) mechanism as per applicable QFMA rules and regulations. The buyback will commence after the publication of interim financial statements for the nine months period ending 30 September 2024, subject to market conditions and in accordance with QFMA Share Buyback rules and regulations.
The decision to initiate a repurchase of QNB's own shares arose after careful consideration of several factors including current and future shareholders expectations, strength of QNB Group's financial position, growth strategy, strong return on equity, high quality and superior earnings, financial ratios associated with equity and liquidity, and continued confidence of the investor community.
QNB Group will continue to hold robust capital buffers, well above regulatory minimums of QCB and Basel III requirements, and does not anticipate any material impact on its capital and other ratios because of its intended share buyback.
Group statistics
QNB Group's presence spans more than 28 countries across three continents operating from approximately 900 locations, 5,000 ATMs supported by 30,000 staff.
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