MUSCAT: The Board of Directors of Bank Muscat, the flagship financial services provider in the Sultanate, has approved the unaudited results for the year ended December 31, 2019 and has also proposed a 40 per cent dividend for the year 2019. The proposed dividend includes a cash dividend of 35 per cent as well as 5 per cent in the form of bonus shares. Under the proposed dividend, the bank’s shareholders will 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 will also 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 meeting of the Board of Directors chaired by Shaikh Khalid bin Mustahail al Mashani, Chairman, on January 29, 2020, 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.
The bank posted a net profit of RO 185.55 million for the year compared to RO 179.63 million reported during the same period in 2018, an increase of 3.3 per cent.
Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 316.97 million for the year ended December 31, 2019 compared to RO 304.29 million for the same period in 2018, an increase of 4.2 per cent.
Non-interest income was RO 155.2 million for the year ended December 31, 2019 as compared to RO 142.45 million for the same period in 2018, an increase of 9 per cent.
Operating expenses for the year ended December 31, 2019 was RO 195.93 million as compared to RO 190.34 million for the same period in 2018, an increase of 2.9 per cent. Net Impairment for credit and other losses for the year 2019 was RO 56.13 million as against RO 43.24 million for the year 2018. TO P14
Oman Observer is now on the WhatsApp channel. Click here
