NBO closes 2017 on strong note

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 5 per cent stock dividend for the year ended December 31, 2017.

Sayyidah Rawan bint Ahmed al Said, Chairlady 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. The bank’s capital adequacy ratio after the proposed dividend pay-out 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.”

The Chairlady presented NBO’S financial performance for the year ending December 31, 2017, while Shareholders approved the Director’s Report, the Corporate Governance Report, the Auditors’ Report, and the Financial Statements. NBO’S Chairlady 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.