25 March 2009
MUSCAT -- The annual general meeting of National Bank of Oman (NBO), the country's second largest bank, has approved the distribution of cash dividend at 17.5 per cent of its paid-up capital. At the 35th annual general meeting of the bank held at the Muscat InterContinental Hotel, shareholders also approved the financial statements of the bank for the year ended December 31, 2008.
NBO achieved a net profit of RO45.38 million for the year ended December 31, 2008. Total assets of the bank stood at RO1.98 billion which is 34 per cent higher than at the end of 2007. Of this, net advances grew by RO494 million or 55 per cent. The asset expansion was funded by growth in deposits of RO406 million (43 per cent), retained earnings and increase in share capital and medium term borrowings. The regulatory capital of the bank now stands at RO224 million, with a healthy BIS capital adequacy ratio of 13.92 per cent. At NBO's Extraordinary General Meeting (EGM), which was held before the start of the AGM, the amendment to Article 29 of the bank's Articles of Association was approved.
At the AGM, the recommendation of the board of directors for donation of RO100,000 to charitable organisations was also approved. The bank will continue to invest in people, processes and brands which will support the bank's progress in achieving sustainable value for its shareholders and all other stakeholders. Sheikh Suhail Salim Bahwan, chairman of the Board of Directors of NBO, resigned his post on Monday. Addressing the shareholders at the AGM, Suhail Salim Bahwan, said: "Our performance continues to be inspired by Oman's vision and its leadership, as a result the bank achieved a net profit of RO45.38 million for the financial year 2008. In addition, the alignment of business activities with our strategic partner, Commercial Bank of Qatar, continues to move in a positive direction." "We would like to take this opportunity to thank all our customers, correspondent banks and shareholders for their continued support and confidence, which they continue to repose in the bank. We would also like to thank their excellencies, the ministers and their officials for their continued guidance and encouragement. In particular, we express our deep appreciation to the Ministry of Finance, the Central Bank of Oman and Capital Market Authority, for their wise guidance and support," he added.
Omar Hussain Al Fardhan, deputy chairman, will be acting chairman until a replacement for Sheikh Suhail is elected.
MUSCAT -- The annual general meeting of National Bank of Oman (NBO), the country's second largest bank, has approved the distribution of cash dividend at 17.5 per cent of its paid-up capital. At the 35th annual general meeting of the bank held at the Muscat InterContinental Hotel, shareholders also approved the financial statements of the bank for the year ended December 31, 2008.
NBO achieved a net profit of RO45.38 million for the year ended December 31, 2008. Total assets of the bank stood at RO1.98 billion which is 34 per cent higher than at the end of 2007. Of this, net advances grew by RO494 million or 55 per cent. The asset expansion was funded by growth in deposits of RO406 million (43 per cent), retained earnings and increase in share capital and medium term borrowings. The regulatory capital of the bank now stands at RO224 million, with a healthy BIS capital adequacy ratio of 13.92 per cent. At NBO's Extraordinary General Meeting (EGM), which was held before the start of the AGM, the amendment to Article 29 of the bank's Articles of Association was approved.
At the AGM, the recommendation of the board of directors for donation of RO100,000 to charitable organisations was also approved. The bank will continue to invest in people, processes and brands which will support the bank's progress in achieving sustainable value for its shareholders and all other stakeholders. Sheikh Suhail Salim Bahwan, chairman of the Board of Directors of NBO, resigned his post on Monday. Addressing the shareholders at the AGM, Suhail Salim Bahwan, said: "Our performance continues to be inspired by Oman's vision and its leadership, as a result the bank achieved a net profit of RO45.38 million for the financial year 2008. In addition, the alignment of business activities with our strategic partner, Commercial Bank of Qatar, continues to move in a positive direction." "We would like to take this opportunity to thank all our customers, correspondent banks and shareholders for their continued support and confidence, which they continue to repose in the bank. We would also like to thank their excellencies, the ministers and their officials for their continued guidance and encouragement. In particular, we express our deep appreciation to the Ministry of Finance, the Central Bank of Oman and Capital Market Authority, for their wise guidance and support," he added.
Omar Hussain Al Fardhan, deputy chairman, will be acting chairman until a replacement for Sheikh Suhail is elected.
© Times of Oman 2009
