National Bank of Oman board proposes 21% dividend

Muscat: National Bank of Oman’s board on Wednesday proposed a cash dividend of 15.92 per cent and a stock dividend of 5 per cent for 2016.
This is subject to the approval of Central Bank of Oman and shareholders of the bank at the bank’s annual general meeting, which his scheduled for March 26, 2017, according to a disclosure statement posted on MSM website.
National Bank of Oman earlier said that its net profit declined by 7.2 per cent to OMR55.8 million for 2016, from OMR60.10 million for the previous year. The bank’s net interest income and income from Islamic financing rose by 7.3 per cent to OMR101.6 million in 2016, from OMR94.70 million for the previous year.
According to the preliminary unaudited results, net loans and advances grew by 5.4 per cent to OMR2.67 billion for 2016, from OMR2.53 billion in 2015. Also, customer deposits and unrestricted investment accounts grew by 6.6 per cent to OMR2.40 billion from OMR2.25 billion.
Total net operating income of the bank edged up by 0.3 per cent to OMR136.1 million in 2016, from OMR135.7 million for the previous year. The operating expense was up by 4.5 per cent to OMR62.7 million from OMR60 million during the period under review, while total assets grew by 8.3 per cent to OMR3.53 billion in 2016, from OMR3.26 billion.