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National Bank of Oman board proposes 27% dividend

National Bank of Oman board proposes 27% dividend

MUSCAT: National Bank of Oman (NBO) said that the bank’s board has recommended a cash dividend of 17 per cent and stock dividend of 10 per cent (or one share for every 10 shares held) for 2015 to its shareholders.

The dividend proposal is subject to the approval of shareholders of the bank at the annual general meeting to be held on March 27, 2016, according to a stock market filing. The board also approved the bank’s financial results. The financial results are subject to approval of the Central bank of Oman and shareholders.

National Bank of Oman (NBO) earlier reported a 20 per cent surge in net profit to OMR60.11 million in 2015, up from OMR50.27 million posted in the previous year. The bank said in a stock market disclosure that the net interest income and income from Islamic finance grew 16 per cent to OMR94.74 million in 2015, from OMR81.46 million in year before.

Also, net loans and advances reflected a nine per cent growth to OMR2.53 billion from OMR2.31 billion during the period under review. However, customer deposits grew at a slower pace of three per cent to OMR2.25 billion by end-December 2015, from the previous year.

The total assets of the bank also grew by 10 per cent to OMR3.26 billion from OMR2.98 billion.The bank will publish its complete set of financial statement on or before March 31.