Last checked at 30 Jan 2019 07:00
bank muscat board proposes dividend for the year 2018
MUSCAT, 29 January 2019 - bank muscat, the flagship financial services provider in the Sultanate, has proposed 35 per cent dividend for the year 2018. Continuing the Bank's strong dividend payment track record, the Board of Directors have proposed 30 per cent cash dividend for the year 2018. In addition, 5 per cent dividend in the form of bonus shares has been proposed. The bank's Capital Adequacy Ratio (CAR) post the cash dividend payout will be 19.38% which is well above the regulatory minimum.
The meeting of the Board of Directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on 29 January 2019, approved the 2018 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 RO 0.030 per ordinary share of RO 0.100 each aggregating to RO 88.422 million on Bank's existing share capital. In addition, they would receive bonus shares in the proportion of 1 share for every 20 ordinary shares aggregating to 147,370,636 shares of RO 0.100 each amounting to RO 14.737 million. The proposed cash dividend and issuance of bonus shares are subject to formal approval of the Annual General Meeting of the shareholders and regulatory authorities.
The Bank posted net profit of RO 179.63 million for the period compared to RO 176.82 million reported during the same period in 2017, an increase of 1.6 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.
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Waleed K. Al Hashar
Chief Executive Officer