Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Bank Muscat holds AGM and EGM

1172693
1172693
minus
plus

MUSCAT: Bank Muscat held its Annual Ordinary General Meeting (AGM) and an Extraordinary General Meeting (EGM) of the bank’s shareholders at the Bank Muscat head office on March 25, 2019. Both the meetings were presided over by Shaikh Khalid bin Mustahail al Mashani, Chairman of the Bank.


Shareholders of the bank elected a new board of directors at the AGM. Shaikh Khalid bin Mustahail al Mashani was elected as the new Chairman of the Board of Directors.


At the AGM, shareholders of the bank also granted their approval for the pay-out of 40 per cent dividend for 2018. Continuing its strong dividend payment track record, the bank will make a pay-out of 35 per cent cash dividend for the financial year that ended on December 31, 2018. In addition, shareholders will also receive 5 per cent dividend in the form of bonus shares. Thus shareholders would receive cash dividend of RO 0.035 per ordinary share of RO 0.100 each aggregating to RO 103.159 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 147,370,636 shares of RO 0.100 each amounting to RO 14.737 million.


Shaikh Khalid bin Mustahail al Mashani thanked the banking community, shareholders and clients for the support and commitment to the bank, which helped maintain the bank’s performance momentum during the year. He said, “Following 36 years of successful growth, the Sultanate’s flagship financial institution is poised to further consolidate its leading position.”


Shareholders also approved the appointment of the Sharia Supervisory Board of Meethaq, the bank’s Islamic banking window, at the AGM.


At the EGM, the shareholders of the bank approved the renewal of Euro Medium Term Note (EMTN) programme amounting to $ 2 billion. The EMTN programme involves issuing negotiable bonds in the international markets through public subscription or private placement. The bond issues made pursuant to the EMTN programme would be of different currencies, in different amounts on different dates and with varying terms of subscription. The total amount of bonds outstanding following the renewal shall not exceed $ 2 billion.


The EGM also authorised the Board of Directors of the bank to determine the amount, date and terms of subscription of each issue, provided that the total negotiable bonds offered shall not exceed $ 2 billion and as long as all EMTN programmes are offered and fully subscribed within a period not exceeding five years from the date of EGM approval.


The EGM also approved the renewal of the authorised capital of the bank amounting to RO 350 million at a nominal value of 100 Baiza per share in accordance with the provisions of article (82) of the Commercial Companies Law No (4/1974) and its amendment.


The bank posted net profit of RO 179.63 million for the period compared to RO 176.82 million reported during the same period in 2017, an increase of 1.6 per cent. Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 304.29 million for the year 2018 compared to RO 281.35 million for the same period in 2017, an increase of 8.2 per cent.


Non-interest income at RO 142.45 million was lower by 7.9 per cent compared to RO 154.62 million for the year ended December 31, 2017. Income in 2017 includes one-off investment gain of RO 12.8 million on sale of certain investments.


Operating expenses for the year ended December 31, 2018 at RO 190.34 million was higher by 3.4 per cent as compared to RO 184.08 million for the same period in 2017. Net Impairment and other losses for the year was RO 43.24 million as against RO 43.28 million for the same period in 2017. Net Loans and advances including Islamic financing receivables increased by 7.3 per cent to RO 8,939 million as against RO 8,329 million as at December 31, 2017. Customer deposits including Islamic Customer deposits increased by 14.1 per cent to RO 8,463 million as against RO 7,419 million as on December 31, 2017.


SHARE ARTICLE
arrow up
home icon