KARACHI: The 110th meeting of the Board of Directors of Pak Oman Investment Company (Pak Oman) was recently held in Dubai. The meeting was chaired by Sayyid Juland Jaifar Salim Al Said.
Bahauddin Khan, Managing Director Pak Oman, updated the Board of Directors regarding the ensuing strategy being followed by the management to further strengthen and consolidate its position in the financial sector. The Managing Director stated that despite challenges to economy the Company recorded Profit before tax of Rs 651 million.
Advances portfolio stood at Rs 19,720 million compared to Rs 20,935 million in 2020. Loan growth strategy is focused on the acquisition of quality advances and maintaining an efficient risk weighted assets profile. Due to well-planned and executed strategy, deposits of the company grew to Rs 14,354 million, the Company holds one of the largest deposit portfolio amongst the peer group. During the year under review retail deposits grew to Rs 1,926 million.
Company’s capital adequacy ratio (CAR) stood at 16.47 percent as of December 31, 2021, meeting the requirement of the SBP, whereas consolidated CAR stood at 16.23 percent, depicting a well-capitalised position of the company.
The managing director further stated that the portfolio diversification remains well on target, with the Company continuing its policy of adding quality assets through effective risk management, and prudent marketing. He stated that State Bank of Pakistan has reappointed Pak Oman as a primary dealer for the year 2021-2022. Further, VIS Credit Rating Company Limited has reaffirmed Company’s Credit Rating at AA+ (Double A Plus) for long-term and A1+ (A One Plus) for short-term and also reaffirmed the Corporate Governance Rating at CGR-9.
The managing director was pleased to place on record that the company due to its consistent performance has been able to maintain its dividend payout record. For the year 2021, the Board of Directors have recommended to the shareholders cash dividend of Rs 369 million.
The Board of Directors recorded their appreciation of the performance of the company and approved the accounts of 2021. The Board reposed complete confidence in the able leadership, vision and abilities of the Managing Director and continues to look forward to his effective and vibrant contribution.
Copyright Business Recorder, 2022
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