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30 Jan 2017 07:00
bank muscat Board proposes dividend for the year 2016
MUSCAT, 29 January 2017 - bank muscat, the flagship financial services provider in the Sultanate, has proposed 30 per cent dividend for the year 2016. Continuing the Bank's strong dividend payment track record, the Board of Directors have proposed 25 per cent cash dividend for the year 2016 which is consistent with the cash dividend paid in the last many years. 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 16.90% which is well above the regulatory minimum.
The meeting of the Board of Directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Sunday 29 January 2017, approved the 2016 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 0.025 per ordinary share of RO 0.100 each aggregating to RO 62.406 million on bank's existing share capital. In addition, they would receive bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 124,812,512 shares of RO 0.100 each amounting to RO 12.48 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 RO 176.56 million in 2016 compared to RO 175.45 million reported in 2015, an increase of 0.6 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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