Bank Muscat board proposes 40% dividend for 2019
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