The National Bank of Oman (NBO) General Assembly (GA), Board of Directors and Executive Management held a meeting at the bank’s Head Office in Athaibah.

The board approved the distribution of 15% cash dividends and 5% stock dividends for the fiscal year ending December 31st 2017.

Sayyida Rawan bint Ahmed al- Said, Chairperson of the BoD said ‘ despite the economic challenges, NOB has made significant achievements and steady strides which reflected well in its financial results. The Bank managed to increase revenues from fees and reduce the costs by enhancing the efficiency of its operations.

She added that the capital adequacy ratio after payment of profits stood at 17.34%, which will be later 15.97% after amendment as per the requirement of International Financial Reporting Standards (IFRS) 9 compared to the statutory rate which is 13.857%. The Bank’s equity rate stood at 12.6% which is higher than the statutory rate (8.875%) thus reflecting the good financial position of the Bank.

During the GA meeting, NBO Chairperson presented the chairman report, the corporate governance and auditor report for the year ending December 31st 2017.

She also reviewed the Bank’s future strategy and investments in technology and digital banking. She affirmed the importance of providing customer with the best banking experience.

Source: Oman News Agency