Bank Muscat board proposes 35 per cent dividend

30/01/2018 06:06 AST

Bank Muscat, the leading financial service provider in the Sultanate, has proposed 35 per cent dividend for the year 2017. Continuing the bank's strong dividend payment track record, the board has proposed 30 per cent cash dividend for 2017. In addition, 5 per cent dividend in the form of bonus shares has been proposed.

The bank's capital adequacy ratio after the cash dividend payout will be 18.56 per cent, which is well above the regulatory minimum, according to a disclosure statement posted on MSM website.

The meeting of the board of directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on January 29 approved the 2017 financial results and dividend payout, subject to approval of the Central Bank of Oman (CBO) and shareholders of the bank.

Shareholders would receive cash dividend of OMR0.030 per ordinary share of OMR0.100 each aggregating to OMR81.281 million on bank's existing share capital.

In addition, they will receive bonus shares in the proportion of 1 share for every 20 ordinary shares aggregating to 135.47 million shares of OMR0.100 each amounting to OMR13.55 million. The proposed cash dividend and issuance of bonus shares are subject to formal approval of the annual general meeting of the shareholders and the regulatory authorities.

The bank posted a net profit of OMR176.82 million in 2017 compared to OMR176.56 million reported in 2016, an increase of 0.1 per cent. The complete set of financial statements which are subject to Central Bank of Oman approval, are available in the Muscat Securities Market website.

Times of Oman