National Bank of Oman (NBO) has announced the distribution of 16 per cent cash dividends for the year ended December 31, 2018, at its Annual General Meeting (AGM) held recently. For the Year 2018 the bank realised a 15 per cent growth in net profits compared to the previous year.
The bank’s capital adequacy ratio as at December 2018 stood at 16.3 per cent, against the regulatory requirement of 13.50 per cent and the bank’s core equity ratio stands at 11.7 per cent, against the regulatory requirement of 8.875 per cent.
These advantages on its capital position is even more admirable considering that the return on equity for 2018 stood at 9.6 per cent, which is among the highest returns to shareholders for the Oman market.
NBO’s Chairperson, Sayyidah Rawan bint Ahmed al Said, stated: “Our financial results demonstrate that our strategy is leading us in the right direction. We have been agile in responding to challenges and we have successfully delivered a strong performance with high returns for shareholders. This outcome is also valid for recent years where NBO underlined its reputation as a bank that consistently delivers one of the highest returns to its shareholders within the Sultanate of Oman.”
“Our 2018 results clearly indicate that the bank is among the best performing banks in the Sultanate and is a reflection of our investments into customer service, innovation, and our people. As we conclude yet another successful year, we look forward to strongly driving NBO to its next level of progress and growth,” said Sayyid Wasfi Jamshid al Said, Acting Chief Executive Officer.
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