NBO announces 16% cash dividend, reports 15% profit growth
National Bank of Oman (NBO) has announced the distribution of 16 per cent cash dividend for the year ended December 31, 2018 at the bank’s annual general meeting on Monday.
NBO reported a 15 per cent growth in its net profit for the year 2018 compared to the previous year.
NBO’s chairperson, Sayyidah Rawan bint Ahmed al Said shared the forward-looking strategy that cements NBO’s position as the ‘Bank of Choice’. “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,” she said in a press release.
NBO is well capitalised and it positions the bank to grow its balance sheet whilst maintaining sound capital buffers. The bank’s capital adequacy ratio as of December 2018 stood at 16.3 per cent against the regulatory requirement of 13.5 per cent, while its core equity ratio stands at 11.7 per cent against the regulatory requirement of 8.875 per cent. The return on equity for 2018 stood at 9.6 per cent, which is among the highest returns to shareholders for the Oman market.
“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 CEO of NBO.