National Bank of Oman held its 40th annual general meeting (AGM) at the Crowne Plaza Muscat, where the shareholders approved the board of directors' recommendation of a cash dividend payout of 15 per cent of the paid-up capital, in addition to ten per cent stock dividends.
The report of the board and the financial statements of the bank for 2013 were also approved by shareholders. Attendance at the AGM was 87.42 per cent, a bank press release said.
Addressing shareholders, chairman Omar al Fardan said, "Against the backdrop of Oman's positive economic outlook, National Bank of Oman will continue to focus on sustainable growth and leveraging new commercial opportunities both at home and abroad. Oman remains our primary focus but, with the bank's two new UAE branches, we have extended our services regionally and remain very optimistic for 2014 and beyond."
The bank has achieved a net profit of RO41.4mn in 2013, compared with RO40.7mn in 2012, representing an increase of 1.8 per cent. Net operating income, which comprises net interest and non-interest income, grew by 5.3 per cent to RO103.9mn. This growth was achieved despite an eight per cent decline in non-interest income.
NBO also announced that Fardan had stepped down as chairman of the board, due to a rotation system followed with its alliance bank, the Commercial Bank of Qatar (CBQ).
Salaam al Shaksy, CEO of NBO, said, "I would like to take this opportunity, on behalf of everyone at NBO, to thank Mr Fardan for his significant contribution and invaluable guidance during his time as chairman of the board. We wish him the very best."
At a board meeting held immediately after the AGM, Mohammed al Ardhi was elected chairman and Sheikh Abdullah al Thani the new deputy chairman. Ezzeddine Bizri was re-appointed company secretary.
In addition, 11 members were elected to the board, subject to Central Bank of Oman approval, including Sayyidah Rawan Ahmed al Said, Mohammed Mahfoodh al Ardhi, Sheikh Abdullah al Thani, Andrew Charles Stevens, Robert Sharpe, Faisal Abdullah al Farsi, Saif Said al Yazidi, Suresh M Shivdasani, Omar Suhail Salem Bahwan al Mukhaini, Hamad Mohammed al Wuhaibi and Abdul Aziz Abdallah M A al Ghorairi.
© Muscat Daily 2014
