NBO closes year 2017 on a strong note

Muscat - 

National Bank of Oman (NBO) held the annual general meeting (AGM) of its shareholders, board of directors and executives at its headquarters recently. The bank’s solid performance despite the challenging economic climate in 2017 was clearly evident in its financial results.

The board agreed on the distribution of 15 per cent cash dividend and five per cent stock dividend for the year ended December 31, 2017, according to a press release.

Sayyida Rawan Ahmed al Said, chairperson of NBO, said, “We achieved key milestones, made good progress on our strategy and delivered solid results despite the economic slowdown across the GCC. We have the best spreads in the market, we’ve recorded strong fee income growth, and have managed our costs effectively by enhancing efficiencies across the bank.”

She added, “The bank’s capital adequacy ratio after the proposed dividend payout is 17.34 per cent and after taking the estimated one-off IFRS 9 reserve adjustment is projected at 15.97 per cent, against the regulatory requirement of 13.875 per cent. The bank’s core equity ratio stands at 12.6 per cent, against the regulatory requirement of 8.875 per cent reflecting the bank’s robust capital position.”

Sayyida Rawan shared the bank’s strategy moving forward, the investments made in technology and digital banking emphasising their focus on providing superior customer experience. NBO currently maintains a strong presence in the UAE as the only Omani bank to offer seamless banking transactions between two countries.

Sayyida Rawan said, “On behalf of the bank, I would like to welcome on board the new acting CEO, Sayyid Wasfi bin Jamshid al Said. I am confident his expertise and leadership will drive NBO during this transitional period. I would also like to take this opportunity to thank all 1,500 men and women working at NBO who make us a better bank. I am thankful to our customers, shareholders, regulators, partners, and the wider community for their trust and support. It is our privilege to serve you. We are on track in executing our strategy to achieve our vision and fulfill our purpose.”

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