Bank Nizwa approves cash dividends and Sukuk distribution

Bank Nizwa recently held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) under the chairmanship of Sheikh Khalid Abdullah Ali al Khalili, Chairman of Bank Nizwa's Board of Directors, in the presence of board members, executive management, and shareholders.

During the EGM, the proposal to establish a Mudaraba Sukuk issuance programme, comprising five separate issues from time to time, each with a total value of Ro50mn, was approved, along with the authorisation of requisite measures for the proposed issuance process.

During the AGM, the proposal to distribute cash dividends to shareholders at the rate of 2.3bz per share was approved. Additionally, approval was granted for the distribution of free Sukuk (Mudaraba) to shareholders, compulsorily convertible into shares on the same date. This offering, equivalent to 4.47 Sukuk per 100 ordinary shares, underscores the bank's dedication to providing value and fostering investor confidence.

The bank reviewed its performance during the fiscal year ending on December 31, 2023, during which it achieved a strong financial performance.

Bank Nizwa witnessed substantial growth in total assets, registering an impressive increase of 8% in 2023 compared to the same period in 2022. Furthermore, the bank recorded its highest net profit to date, amounting to Ro17mn in 2023, an increase of 13% compared to the previous year's net profit of

Ro15mn.

In a press release, Khalili said, “Bank Nizwa's strong performance in 2023 highlights its resilience, effective management strategies, and commitment to delivering value to stakeholders in a dynamic operating environment. These indicators also highlight the concerted efforts of the management and employees to enhance financial performance and achieve strategic goals while advancing our forward-thinking vision.”