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Bank Sohar Approves 5% Cash and 10% Share Dividends at AGM
Bank Sohar’s shareholders attended the Annual General Meeting (AGM) on March 30, 2017 at the Crown Plaza Hotel Muscat. During the AGM, the Chairman of the Board of Directors, Members of Boards of Directors and the Executive Management from Bank Sohar briefed the shareholders on the annual results of the Bank, and discussed key agenda items.
The AGM agenda covered 15 topics, starting the meeting with a full review of the Board of Directors’ Report as presented by Mr. Abdullah Humaid Al Mamary, Chairman of the Board of Directors of Bank Sohar, for the financial year ended December 31, 2016. Over the course of the AGM, the shareholders discussed and approved the distribution of cash dividends to shareholders at the rate of 5% of the capital (5 baizas per share) and the distribution of share dividend to the shareholders at the rate of 10% of the capital (10 shares for each 100 shares).
During the meeting, the assembly was briefed on the report of the Shariah Supervisory Committee of Sohar Islamic - the Islamic window of Bank Sohar for the financial year ended December 31, 2016 and the approval of the fees of the Board of Directors and the committees for the coming year, in addition, as per the AGM agenda they discussed distribution of the bonuses to the Board of Directors for the financial year ended December 31, 2016.
The Board of Directors were informed of the charitable donations made during the financial year ending December 31, 2016. The assembly discussed and approved the allocation of charitable and social contribution and to authorize the Board of Directors to disburse them as it seems fit during the financial year 2017.
The shareholders approved the appointment of the statutory external auditors for the financial year ending 31 December 2017 and approve their remuneration, in addition to the approval for the performance of the Board of Directors. The assembly was also briefed on the report of the Sharia Supervisory Board of legitimacy of “Sohar Islamic” for the financial year ended 31 December 2016.
Mr. Sasi Kumar, Acting CEO of Bank Sohar, commenting on the Bank’s performance during this year said, “Bank Sohar continues to maintain its leadership position in the local banking sector. I would like to offer my sincere appreciation to the Chairman and Board Members together with the Bank’s Executive Management and Staff for their efforts and contributions which have resulted in our continuous success. However, most of all I would like to thank all our customers and shareholders for their continuous support and trust. We promise to do our best to meet their financial needs and provide the best banking services ".
For the financial year ending December 31, 2016, Bank Sohar continued to maintain a strong position in spite of the fluctuating market conditions; recording a net profit of OMR 19.112 Omani Rial. This profit was made after taking into account the general reserve on a portfolio basis of OMR 2.744 million as directed by the Central Bank of Oman. During this year, the Bank posted an operating profit of OMR 33.507 million.
“Our commitment has always been to our customers, we strongly believe that it is only through their content we can continue on developing our banking services and products. Building on this vision we will place even greater emphasis on our customers throughout 2017. We will continue to pay critical attention to our services delivery channels and customer touch points while continuing to introduce innovative products that enhance our customer’s banking experiences, and do so in a manner that is beneficial to all our stakeholders.” added Mr. Sasi Kumar.
For more information on Bank Sohar, please visit the Bank’s official website www.banksohar.net or call 24730000. You can also follow the Bank on Facebook at www.facebook.com/excel.banksohar, on Instagram at www.instagram.com/banksoharexcel or join the conversation on Twitter @banksohar_excel.
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© Press Release 2017
