DOHA, Qatar, Sept. 11, 2024 /PRNewswire/ -- The Board of
Directors of QNB Group decided at its meeting held on 11 September 2024 to approve a buyback of QNB's
shares (Doha: QNBK) up to a value of QAR2.9
billion on the Qatar Stock Exchange, as part of the
evolution of QNB Group's disciplined capital distribution and
allocation policy. The Share Buyback will be executed after
obtaining regulatory approvals from the Qatar Central Bank (QCB)
and Qatar Financial Markets Authority (QFMA).
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's share buyback is a confidence building measure, which is
expected to raise investors' trust in QNB's robust capital
allocation process, improve market liquidity and enhance
returns.
QNB Group intends to fund its share buyback from its retained
earnings and surplus liquid funds available with QNB. Despite share
repurchases, 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.
The Share Buyback will be conducted using an Open-Market
Repurchase (OMR) mechanism as per applicable QFMA rules and
regulations.
Further information on the buyback process including regulatory
approvals and the buyback mechanism will be disclosed in due
course.
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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