DOHA, Qatar,, September 12, 2024 /PRNewswire/ — The Board of Directors of QNB Group decided at its meeting on September 11, 2024 to approve the repurchase of QNB shares (Doha : QNBK) up to a value of QAR 2.9 billion on the Stock Exchange. Qataras part of the evolution of QNB Group’s disciplined capital distribution and allocation policy. The share buyback transaction will be executed after obtaining regulatory authorizations from the Central Bank of Qatar (QCB) and the Financial Markets Authority of Qatar (QFMA).
The decision to launch a buyback of QNB shares was taken after careful consideration of several factors, including the expectations of current and future shareholders, the strength of QNB Group’s financial position, its growth strategy, the importance of return on equity, the quality and growth of earnings, financial ratios associated with equity and liquidity, and the renewed confidence of the investment community.
This share repurchase by QNB is a move that is expected to strengthen investor confidence in QNB’s robust capital allocation process, improve market liquidity and increase returns.
QNB Group intends to fund its share buyback from its retained earnings and excess cash available at QNB. Notwithstanding the share buyback, QNB Group will continue to hold strong capital buffers, well above QCB regulatory minimums and Basel III requirements, and does not expect any material impact on its capital and other ratios.
The share repurchase will be made through an open market repurchase mechanism in accordance with applicable AQFMA rules and regulations.
Further information on the repurchase process, including regulatory approvals and the repurchase mechanism, will be communicated in due course.
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QNB Group is present in more than 28 countries on three continents, operates from 900 sites and 5,000 ATMs and employs 30,000 people.
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