Bank Muscat Board Proposes Dividend for 2019

Bank Muscat Board Proposes Dividend for the Year 2019

MUSCAT, 29 January 2020 -Bank Muscat, the flagship financial services provider in the Sultanate, has proposed a 40 per cent dividend for the year 2019.

Continuing the Bank's strong dividend payment track record, the Board of Directors has proposed a 35 per cent cash dividend and a 5 per cent dividend in the form of bonus shares for the year 2019. The bank's Capital Adequacy Ratio (CAR) post the cash dividend payout will be 19.72% which is well above the regulatory minimum.

The meeting of the Board of Directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on 29 January 2020, approved the 2019 financial results and dividend payout, subject to the approval of the Central Bank of Oman (CBO) and shareholders of the bank.

Shareholders would receive a cash dividend of RO 0.035 per ordinary share of RO 0.100 each aggregating to RO 108.317 million on the Bank's existing share capital. In addition, they would receive bonus shares in the proportion of 1 share for every 20 ordinary shares aggregating to 154,739,168 shares of RO 0.100 each amounting to RO 15.474 million. The proposed cash dividend and issuance of bonus shares are subject to the formal approval of the Annual General Meeting of the shareholders and regulatory authorities.

The Bank posted a net profit of RO 185.55 million for the year 2019 compared to RO 179.63 million reported in 2018, an increase of 3.3 per cent. The complete set of financial statements which are subject to Central Bank of Oman approval, are available in the Muscat Securities Market website.

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Waleed K. Al Hashar

Chief Executive Officer