28 March 2012
Muscat: Bank Sohar, which has commenced its fifth year of its operations in the Sultanate, held its ordinary annual general meeting of its shareholders at the Learning Centre of its Al Qurum branch last Thursday.
At the meeting, the shareholders reviewed and approved the board of directors' report for the year ended December 31, 2011 along with the financial statements, auditors report and corporate governance report of the bank for the same period.
The shareholders also approved the sitting fees and the remuneration to directors for the board and committee meetings received during the last year and determined the sitting fees of the board of directors and for members of committees for the financial year 2012. The meeting considered and approved the proposal to distribute cash dividends at the rate of eight baizas per share, and the related party transactions.
The board of directors proposal to allocate RO100,000 for charitable contributions during the year 2012 was approved at the AGM.
Bank Sohar, which commenced operations in 2007, is one of the youngest banks in the Sultanate. And this was the bank's fifth annual general meeting. At the close of business for the year 2011, the bank has achieved a net profit of RO14.497 million for the year compared to RO10.22 million for the year 2010, marking a year-on-year increase of 41.8 per cent.
The operating profit for 2011 was RO20.007 million compared to RO15.645 million in 2010, an increase of 27.9 per cent.
The net interest income during the year rose to RO34.757 million, compared to RO30.595 million in 2010, registering an increase of 13.6 per cent. The operating income for the year 2011 was RO43.186 million compared to RO35.231 million in 2010, an increase of 22.60 per cent. The bank's cost-to-income ratio has improved to 53.67per cent in 2011 from 55.6 per cent in 2010.
The bank's net loans and advances grew by 12.9 per cent during the year to touch RO1,020 million, compared to RO903 million in the previous year. Customer deposits grew by 17.2 per cent to RO1,171 million during the year, as compared to RO999 million in 2010.
Muscat: Bank Sohar, which has commenced its fifth year of its operations in the Sultanate, held its ordinary annual general meeting of its shareholders at the Learning Centre of its Al Qurum branch last Thursday.
At the meeting, the shareholders reviewed and approved the board of directors' report for the year ended December 31, 2011 along with the financial statements, auditors report and corporate governance report of the bank for the same period.
The shareholders also approved the sitting fees and the remuneration to directors for the board and committee meetings received during the last year and determined the sitting fees of the board of directors and for members of committees for the financial year 2012. The meeting considered and approved the proposal to distribute cash dividends at the rate of eight baizas per share, and the related party transactions.
The board of directors proposal to allocate RO100,000 for charitable contributions during the year 2012 was approved at the AGM.
Bank Sohar, which commenced operations in 2007, is one of the youngest banks in the Sultanate. And this was the bank's fifth annual general meeting. At the close of business for the year 2011, the bank has achieved a net profit of RO14.497 million for the year compared to RO10.22 million for the year 2010, marking a year-on-year increase of 41.8 per cent.
The operating profit for 2011 was RO20.007 million compared to RO15.645 million in 2010, an increase of 27.9 per cent.
The net interest income during the year rose to RO34.757 million, compared to RO30.595 million in 2010, registering an increase of 13.6 per cent. The operating income for the year 2011 was RO43.186 million compared to RO35.231 million in 2010, an increase of 22.60 per cent. The bank's cost-to-income ratio has improved to 53.67per cent in 2011 from 55.6 per cent in 2010.
The bank's net loans and advances grew by 12.9 per cent during the year to touch RO1,020 million, compared to RO903 million in the previous year. Customer deposits grew by 17.2 per cent to RO1,171 million during the year, as compared to RO999 million in 2010.
© Times of Oman 2012
