NBO approves cash and stock dividends

31/03/2016 07:41 AST

National Bank of Oman (NBO) announced recently that a distribution of a 17 per cent cash dividend of the paid up capital (baisa 17 per share) and 10 per cent stock dividend (one share per each 10 shares) was approved following the conclusion of its Annual General Meeting (AGM) held on Sunday at the Grand Hyatt in Muscat.

During the AGM, the shareholders approved the Report of the Board of Directors and of the auditors for the financial year ending December 31, 2015.

The shareholders also approved the Bank’s Corporate Governance Report, Balance Sheet and Profit and Loss accounts for the same period.

For the 12 months ending December 31, 2015, NBO reported a record performance with net profit of RO 60.1 million, an increase of 20 per cent compared to RO 50.3 million in 2014, demonstrating the success of the bank’s expansion strategy and ability to deliver sustainable growth.

Net interest income from conventional banking and revenues from Islamic financing activities grew by 15 per cent to RO 94.7 million, while loans and advances grew by 9 per cent, demonstrating the bank’s prudent management of assets and liabilities.

“The strong financial results delivered by NBO in 2015 reflect the success of our ongoing transformational journey to be the Sultanate’s bank of choice, and we are delighted to share this success with our shareholders through a very healthy dividend,” said Mohammed Mahfoodh al Ardhi, Chairman of NBO. Ahmed al Musalmi, NBO’s Chief Executive Officer, added: “Driven by innovation, service and a commitment to excellence, NBO delivered exceptional performance across the business in 2015.

Customers responded superbly to the many newly launched products and services in 2015, and we look forward to exceeding their expectations again over the next 12 months.” Al Musalmi concluded: “Our financial performance over the last two years underscores the effectiveness of our five-year growth strategy, which places the customer at the heart of our business. In particular, we are fully committed to leading the industry through technological innovations and the delivery of a superior banking experience.

Our success in 2015 was further underlined by the six major industry awards and accolades won across the business.”

During the AGM, the shareholders were notified about the Shari’a Supervisory Board report on Muzn Islamic Banking services for the fiscal year ended December 31, 2015. In addition, the shareholders also approved the appointment of Ernst and Young as the external auditors for the company and external Shari’a Auditor for the current fiscal year and fixed their remuneration.

Oman Daily Observer