Bank Muscat shareholders approve dividend for 2016

MUSCAT: Bank Muscat shareholders granted approval for the payout of 30 per cent dividend for 2016 at the Annual General Meeting (AGM) presided by Sulaiman bin Mohamed al Yahyai, Deputy Chairman, at the bank’s head office.

Shareholders would receive cash dividend of RO 0.025 per ordinary share of RO 0.100 each aggregating to RO 62.406 million on the 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 12.481 million.

Sulaiman bin Mohamed al Yahyai thanked the banking community, shareholders and clients for the support and commitment to the bank, which helped to maintain performance momentum during the year. Al Yahyai added: “The 35-year leadership journey of the bank is set to witness further consolidation in line with the ‘Let’s Do More’ vision which reflects the strategy for the coming period.”

The bank posted a net profit of RO 176.56 million for 2016 compared to RO 175.45 million reported in 2015, an increase of 0.6 per cent. Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 274.15 million for the year 2016 compared to RO 260.51 million for the same period in 2015, an increase of 5.2 per cent. Net Loans and advances from conventional operation increased by 6.1 per cent to RO 7,102 million as against RO 6,695 million as at 31st December 2015. Customer deposits from the conventional operations decreased by 0.6 per cent to RO 6,695 million as against RO 6,738 million as at 31st December 2015. Islamic financing receivables amounted to RO 855 million of 31st December 2016 compared to RO 635 million in the same period of 2015. Islamic Banking customer deposits amounted to RO 763 million as of 31st December 2016 compared to RO 625 million reported in 31st December 2015. The basic earnings per share touched RO 0.067 in 2016 against RO 0.067 in 2015. The bank’s capital adequacy ratio stood at 16.90 per cent as on 31 December 2016 after appropriation for the dividend for 2016 against the minimum required level of 12.625 per cent as per Basel III regulations issued by the Central Bank of Oman.