Bank Muscat shareholders approve 35% dividend for 2017
Times News Service
MUSCAT: Bank Muscat shareholders approved a payout of 35 per cent dividend for 2017 at the Annual General Meeting (AGM) presided by chairman Sheikh Khalid bin Mustahail Al Mashani.
Continuing the strong dividend payment track record, the bank will make a payout of 30 per cent cash dividend for the year 2017, which is consistent with previous years.
In addition, shareholders will receive another 5 per cent in the form of bonus shares.
The bank’s Capital Adequacy Ratio (CAR) after the cash dividend payout will be 18.56 per cent, which is significantly above the regulatory minimum of 13.65 per cent.
Shareholders would receive OMR0.030 per ordinary share of OMR0.100 each, amounting to OMR81.281 million of the bank’s existing share capital. In addition, they will receive bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 135,468,092 shares of OMR0.100 each, amounting to OMR13.547 million. Al Mashani thanked the banking community, shareholders and clients for the support and commitment to the bank, which helped maintain performance momentum during the year. “The leadership journey of the bank for over 35 years is set to witness further consolidation in line with the dynamic new vision ‘To serve you better, everyday’, which reflects the commitment to further enhance the customercentric strategy for the coming period,” he said. period in 2016—an increase of 2.6 per cent. Non-interest income at OMR154.62 million was 8.9 per cent higher than OMR142.03 million for the year ending December 31, 2016.
This includes a one-off investment gain of OMR12.8 million on sale of certain investments.
Operating expenses for the year ending December 31, 2017, at OMR184.08 million was a 5.7 per cent jump compared to OMR174.08 million for the same period in 2016. Impairment for credit losses for the year was OMR63.15 million, as opposed to OMR70.29 million for the same period in 2016.