OAB’s profits up 26 percent in 2002
Oman Arab Bank (OAB) recorded a 26 percent net profit increase in 2002 reaching 7.5 million Omani rials ($19.23 million) compared to six million rials in 2001. OAB’s Board of Directors have recommended the distribution of a 25 percent paid capital dividend to shareholders.
According to OAB Chief Executive Officer, Abdul-Qadir bin Ahmed Asqalan, the bank’s shareholder revenue rose from 15.6 percent to 18.8 percent last year, and earnings on capital rose from 27 percent to 34 percent, reported ONA.
OAB was established in 1984 as a closed joint stock company. The bank began its operations after acquiring the branches of Arab Bank, Jordan, which had been operating in Oman since 1973.
In 1992, operations in the Sultanate were further expanded by the acquisition of all the retail branches of Omani European Bank, with which OAB then merged in 1994. Some 49 percent of the Bank's share capital is held by Arab Bank and the remaining 51 percent is held by Oman International Development and Investment. — (menareport.com)
© 2003 Mena Report (www.menareport.com)