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Bank Muscat AGM clears 30% dividend

MUSCAT

Bank Muscat shareholders have given approval for 30 per cent dividend payout for 2016. The nod came during the annual general meeting presided over by deputy chairman Sulaiman Bin Mohamed Al Yahyai.
Shareholders will now receive cash dividend of 25 baisa per ordinary share aggregating to 62.41 million rials on the bank’s existing share capital. In addition, they will get bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 124,812,512 shares, amounting to 12.481 million rials, according to a statement.

Al Yahyai thanked the banking community, shareholders and clients for the support and commitment to the bank which helped it maintain performance momentum during the year. “The 35-year leadership journey of the bank is set to witness further consolidation in line with the ‘Let’s Do More’ vision which reflects the strategy for the coming period,” he added.

The bank posted a net profit of 176.56 million rials for 2016 compared to 175.45 million rials the previous year, a marginal rise of 0.6 per cent. Net interest income from conventional banking and income from Islamic financing stood at 274.15 million rials compared to 260.51 million rials in 2015, registering an increase of 5.2 per cent.

Net loans and advances from conventional operation increased by 6.1 per cent to 7.1 billion rials from 6.7 billion rials. Deposits from conventional operations fell by 0.6 per cent to 6.7 billion rials
as against 6.74 billion
rials.

Islamic financing receivables amounted to 855 million rials, up from 635 million rials in 2015. Deposits amounted to 763 million from 625 million rials.

The basic earnings per share stood at 67 baisa and capital adequacy ratio was at 16.9 per cent after appropriation for dividend. This, the bank said, was against the minimum required level of 12.63 per cent as per Basel III regulations issued by the Central Bank of Oman.

 Staff Reporter