QNB shareholders approve 35% cash dividend, capital hike

Qatar National Bank, the largest lender by assets in the Gulf region, on Monday said its shareholders have approved the board’s recommendation for a 35 percent cash dividend and 10 percent bonus shares for 2016.

The bank’s general assembly meeting was held on Sunday, it said in a statement to the Qatari bourse.

The shareholders also approved the increase of the bank’s share capital, which currently stands at QAR 8.4 billion, by distributing bonus shares at 10 percent of the present capital.

The bank’s capital after the increase will amount to QAR 9.24 billion, split into 923,642,857 ordinary shares with a nominal value of QAR 10 each.

The bank, which posted a 10 percent year-on-year rise in 2016 net profit, is also planning to expand its international reach by opening more branches in Saudi Arabia and India.