During the AGM shareholders approved the report of the board of directors and of the auditors for the financial year ending December 31 2015. They also approved the bank's corporate governance report balance sheet and profit and loss accounts a bank press statement said on Wednesday.

For 2015 NBO reported a record performance with a net profit of RO60.1mn which was 20 per cent higher from RO50.3mn in 2014.

Net interest income from conventional banking and revenues from Islamic financing activities grew by 15 per cent to RO94.7mn while loans and advances grew by nine per cent.

'The strong financial results delivered by NBO in 2015 reflect the success of our ongoing transformational journey to be the sultanate's bank of choice and we are delighted to share this success with our shareholders through a very healthy dividend' said Mohammed Mahfoodh al Ardhi chairman of NBO.

Chief executive officer Ahmed al Musalmi said 'Driven by innovation service and a commitment to excellence NBO delivered exceptional performance across the business in 2015. Customers responded superbly to the many newly launched products and services in 2015 and we look forward to exceeding their expectations again over the next 12 months."

Musalmi added "Our financial performance over the last two years underscores the effectiveness of our five-year growth strategy which places the customer at the heart of our business."

During the AGM the shareholders were notified about the Sharia'a Supervisory Board report on Muzn Islamic Banking services for 2015. In addition the shareholders also approved the appointment of EY as the external auditors for the company and external Sharia'a auditor for the current fiscal year and fixed their remuneration.