Sunday 08 / June / 2025
Muscat: The National Bank of Oman (NBO) has decided to reward its investors with a 20 per cent dividend for last year.
The decision was taken at the Annual General Meeting (AGM) of NBO’s shareholders, Board of Directors (BoD) and executives at its headquarters held recently.
The dividend for the year ending December 31, 2017 will be in two parts - a 15 per cent cash dividend, and a 5 per cent stock dividend, NBO said in a statement.
The bank’s solid performance, despite the challenging economic climate in 2017, was clearly evident in its financial report.
Regarding its success, Sayyidah Rawan bint Ahmed Al Said, Chairwoman 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 growths, and have managed our costs effectively by enhancing efficiencies across the bank. The bank’s capital adequacy ratio after the proposed dividend pay-out is 17.34 per cent, and after taking the estimated one-off, the 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.”
Sayyidah Rawan presented NBO’s financial performance for the year ending December 31st 2017, while shareholders approved the Director’s Report, the Corporate Governance Report, the Auditors’ Report, and the Financial Statements. NBO’s Chairwoman also shared the Bank’s strategy moving forward, the investments made in technology and digital banking, emphasising their focus on providing superior customer experience. Today, NBO maintains a strong presence in the UAE as the only Omani bank to offer seamless banking transactions between both countries. Sayyidah Rawan Al Said continued, “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 continuous support. It is our privilege to serve you. We are on track in executing our strategy to achieve our vision and fulfill our purpose.”
Looking ahead, NBO is steadfast on becoming ‘the bank of choice’ in Oman and delivering innovative financial solutions to its growing customer base. Building on the success of 2017, the bank has set plans to continue contributing to the growth and development of communities across the Sultanate by supporting youth and entrepreneurs to reach their potentials.
