bank muscat Board proposes dividend for year 2017

bank muscat Board proposes dividend for the year 2017

MUSCAT, 29 January 2018 - bank muscat, the flagship financial services provider in the Sultanate, has proposed 35 per cent dividend for the year 2017. Continuing the Bank's strong dividend payment track record, the Board of Directors have proposed 30 per cent cash dividend for the year 2017. In addition, 5 per cent dividend in the form of bonus shares has been proposed. The bank's Capital Adequacy Ratio (CAR) post the cash dividend payout will be 18.56% which is well above the regulatory minimum.

The meeting of the Board of Directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Monday 29 January 2018, approved the 2017 financial results and dividend payout, subject to approval of the Central Bank of Oman (CBO) and shareholders of the bank.

Shareholders would receive cash dividend of RO 0.030 per ordinary share of RO 0.100 each aggregating to RO 81.281 million on 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 135,468,092 shares of RO 0.100 each amounting to RO 13.547 million. The proposed cash dividend and issuance of bonus shares are subject to formal approval of the Annual General Meeting of the shareholders and the regulatory authorities.

The bank posted a net profit of RO 176.82 million in 2017 compared to RO 176.56 million reported in 2016, an increase of 0.1 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.