QNB Group has announced that it has obtained all applicable regulatory approvals from the Qatar Central Bank (QCB) and the 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 September 11, 2024), QNB will conduct its share buyback up to an amount of QR2.9bn 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-month period ending September 30, 2024, subject to market conditions and in accordance with QFMA share buyback rules and regulations,” QNB said on Saturday.
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 the QCB and Basel III requirements, and does not anticipate any material impact on its capital and other ratios because of its intended share buyback..
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
