National Bank of Oman holds annual general meeting and elects a new board of directors

National Bank of Oman (NBO) held its Annual General Meeting (AGM) recently at the Bank’s headquarters in Al Athaiba. Presided over by Amal Suhail Bahwan, Chairperson of NBO, the meeting was attended by the bank’s Board members, senior management and shareholders. During the meeting, NBO’s shareholders approved the payout of 7.4% cash dividend for 2022 at the rate of Baisa 7.4 per share. Shareholders also elected a new Board of Directors for the Bank for a period of three years.

Amal Suhail Bahwan, Chairperson of National Bank of Oman, said “Overall, and by looking not just at our profitability but also at our growth, we have been pleased with the bank’s performance as we remain on a sustainable path. Our core business remains strong while we have further diversified revenue streams and maintained a strong balance sheet. We believe these results highlight our resilience, global reputation and reputation for safe investing. Our commitment to our strategic objectives has bolstered our resilience, while we will continue to reinvent and improve our services as a future-ready bank.”

In 2022, NBO achieved a net profit of OMR 48.2 million, an increase of 59.2% compared to 2021. Net Interest Income for the year 2022 was OMR 103.5 million, showing an increase of 13.1% over 2021. Fee Income for the year 2022 was OMR 34.7 million, compared to OMR 31.8 million in 2021, a growth of 9.2% due to robust performance across various fee lines. Operating Expenses for the year 2022 was OMR 60.5 million, compared to OMR 63.5 million in 2021, a decrease of 4.7%. The reduction year on year is due to various efficiency measures and optimization initiatives undertaken across the bank. The bank continues to invest in its People, Technology, and Infrastructure. Net Impairment for the year 2022 was OMR 20.3 million, compared to OMR 24.0 million in 2021, a decrease of 15.6%. Gross Loans and Advances as of 31st December 2022 were at OMR 3.51 billion, with a growth of 8.4% over 2021, as the bank continued to support the borrowing needs of its customers. Customer deposits correspondingly are at OMR 3.0 billion. The bank’s Core Equity and Total Capital Adequacy Ratio as of December 2022 stood at 11.9% and 16.9% respectively.

To find out more information about NBO’s performance, as well as its services and products, please visit www.nbo.om, contact the NBO Call Centre, or download the free NBO Mobile App.