Bank Muscat Board of Directors approves financial results, proposes 15 per cent dividend for 2022

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate of Oman, has proposed a 15 per cent dividend for the year 2022.

The meeting of the Board of Directors of the Bank, chaired by Shaikh Khalid bin Mustahail al Maashani, Chairman, on Tuesday, January 24, 2023, approved the 2022 financial results and dividend payout, subject to the formal approval of the Annual General Meeting of the shareholders and regulatory authorities.

The Board of Directors has proposed a 15 per cent cash dividend for the year 2022. Shareholders would receive a cash dividend of RO 0.015 per ordinary share aggregating to RO 112.596 million on the Bank’s existing share capital.

The Bank’s Capital Adequacy Ratio (CAR) after the cash dividend payout will be 21.25 per cent which is well above the regulatory minimum.

Bank Muscat posted a net profit of RO 200.75 million for the year 2022 compared to RO 189.63 million reported in 2021, an increase of 5.9 per cent.

Net Interest Income from Conventional Banking and Net

Income from Islamic Financing stood at RO 344.86 million for the year ended December 31, 2022 compared to RO 335.54 million for the same period in 2021, an increase of 2.8 per cent.

Non-interest income was RO 157.96 million for the year ended December 31, 2022 as compared to RO 139.94 million for the same period in 2021, an increase of 12.9 per cent mainly due to higher investment income.

Operating expenses for the year ended December 31, 2022 was RO 207.30 million as compared to RO 191.46 million for the same period in 2021, an increase of 8.3 per cent.

Net Impairment for credit and other losses for the year ended December 31, 2022 was RO 59.94 million as against RO 60.22 million for the same period in 2021.

Net Loans and advances including Islamic financing receivables increased by 2.5 per cent to RO 9,417 million as against RO 9,191 million as at December 31, 2021.

Customer deposits including Islamic Customer deposits decreased by 1.5 per cent to RO 8,647 million as against RO 8,775 million as at December 31, 2021.