Ahlibank held its annual general meeting (AGM) and extraordinary general meeting (EGM) on March 24, presided over by the chairman of board, Hamdan Ali Nasser al Hinai.
The shareholders approved the board of directors' report, the corporate governance report, auditors' report and audited financial statements for 2013.
According to a press release, the EGM also approved the reduction of the board size from eleven to nine members.
Chairman Hinai announced the board's recommendation to distribute a 7.5 per cent cash dividend and bonus shares to shareholders at a rate of 2.5 per cent of the capital (2.5 shares for every 100 shares) for 2014.
He said, "Keeping in view the current market conditions, it is prudent to conserve the bank's internally generated resources wisely and further strengthen its capital base." The chairman also emphasized Ahlibank's commitment to the shareholders and the confidence it has in its ability to grow and enhance shareholders value. The shareholders duly agreed to the recommendation and approved the same
The shareholders also approved the board's proposal for donations of RO100,000 in 2014.
"Ahlibank has achieved a major milestone in financial performance in 2013, building on its impressive track record since its conversion to a full fledged commercial banking model and its rebranded launch in 2008. Hence, I would like to take this opportunity to thank members of the board for their valuable direction that has guided the bank towards such success. I would also like to thank all my colleagues for their hard work and efforts which have allowed the bank to achieve such an impressive result," said chief executive Lloyd Maddock.
Ahlibank achieved a net profit of RO23mn in 2013, compared with RO21.7mn in 2012, registering a growth of six per cent.
© Muscat Daily 2014
