Bank Mus­cat board pro­poses 40% div­i­dend for 2019

Muscat Daily - - FRONT PAGE -

The board of di­rec­tors of Bank Mus­cat ap­proved the unau­dited fi­nan­cial re­sults for 2019 and pro­posed 40 per cent div­i­dend.

The pro­posed div­i­dend in­cludes a cash div­i­dend of 35 per cent as well as 5 per cent in the form of bonus shares, the bank said. Un­der the pro­posed div­i­dend, Bank Mus­cat share­hold­ers will re­ceive a cash div­i­dend of 35bz per or­di­nary share of 100bz each, ag­gre­gat­ing to RO108.32mn on the ex­ist­ing share cap­i­tal. In ad­di­tion, the share­hold­ers will also re­ceive bonus shares in the pro­por­tion of one share for ev­ery 20 or­di­nary shares ag­gre­gat­ing to 154,739,168 shares of 100bz each amount­ing to RO15.47mn.

The board meet­ing chaired by Sheikh Khalid bin Mus­ta­hail al Mashani, chair­man of Bank Mus­cat, last week, ap­proved the 2019 fi­nan­cial re­sults and the div­i­dend pay­out, sub­ject to the ap­proval of the Cen­tral Bank of Oman (CBO) and the share­hold­ers of the bank.

Bank Mus­cat re­cently re­ported a net profit of RO185.55mn for 2019 com­pared to RO179.63mn re­ported in 2018, an in­crease of 3.3 per cent.

The bank’s net in­ter­est in­come from con­ven­tional bank­ing and in­come from Is­lamic fi­nanc­ing stood at RO316.97mn for the year end­ing on De­cem­ber 31, 2019 com­pared to RO304.29mn for the same pe­riod in 2018, an in­crease of 4.2 per cent.

Non-in­ter­est in­come was RO155.2mn for 2019 as com­pared to RO142.45mn for the same pe­riod in 2018, an in­crease of 9 per cent.

Bank Mus­cat’s ba­sic earn­ings per share was 60bz in 2019 against 59bz in the pre­vi­ous year.

The bank’s cap­i­tal ad­e­quacy ra­tio stood at a very healthy level of 19.72 per cent as on De­cem­ber 31, 2019 af­ter ap­pro­pri­a­tion for pro­posed div­i­dend for the year 2019 against the min­i­mum re­quired level of 14.50 per cent as per Basel III reg­u­la­tions is­sued by the CBO.

Bank Mus­cat share­hold­ers will re­ceive a cash div­i­dend of 35bz per or­di­nary share of 100bz each, ag­gre­gat­ing to RO108.32mn

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