ICEC

Oman’s Bank Dhofar Approves 7% Cash Dividends

Bank Dhofar‘s shareholders approved the cash dividend of 7% amounting to OR6.41m and the bonus share issue of 20.2%, translating to 184.8 million shares of OR0.100 each, of the share capital of the Bank.

The shareholders were notified that this would increase the paid up share capital of the Bank to OR110m and also fulfill the minimum paid up capital requirement of OR100m for traditional banking and OR10m for Bank Dhofar Islamic Window.

The Omani lender reported total assets of OR1, 960,6m at 31st December 2011, showing a 17.8% growth over 2010. The Key Profitability Indicators also achieved positive growths with net interest income improving to OR60.3m showing a growth of 5.35% over 2010.

Abdul Hafidh bin Salim bin Rajab Al Aujaili, Chairman, Bank Dhofar, addressed the meeting and stated, “We can confidently say that Bank Dhofar has gone from strength to strength. We are currently giving the final touches to our next five year strategic plan which will see our Bank gaining further market share.” Shareholders of the Bank also approved the financial statements and the relevant reports of the Bank for the financial year ended 31st December 2011.

The meeting also approved the allocation of funds towards supporting the “Corporate Social Responsibility” initiatives of the bank in 2012.

Press Release

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