Bank Muscat AGM elects Board of Directors approves 35 percent dividend

by | Mar 24, 2022 | 0 comments

MUSCAT – Bank Muscat held its Annual Ordinary General Meeting (AGM) and an Extraordinary General Meeting (EGM) of the Bank’s shareholders on 22 March 2022 at the Hormuz Grand Muscat Hotel. Shareholders were given the option of joining the meeting in-person or through the electronic platform of Muscat Clearing and Depository’s website. Both meetings were presided over by Sheikh Khalid bin Mustahail Al Mashani, Chairman of the Bank’s Board of Directors.

During the AGM, shareholders of the bank were elected by acclamation the board of directors for a three-year term (2022-2025). Shareholders of the Bank also granted their approval for the pay-out of 35 percent dividend for 2021, including a cash dividend of 30 percent and 5 percent dividend as bonus shares. Bank Muscat shareholders will thus receive cash dividend of RO 0.030 per ordinary share of RO 0.100 each. In addition, they will receive bonus shares in the proportion of 5 bonus share for every 100 ordinary shares. The distribution of bonus shares will result in the increase of the issued share capital of the Bank to 3,753,198,531 shares of a nominal value of RO 0.100 each. During the AGM, shareholders also approved the report of the Shari’a Supervisory Board of Meethaq, the Bank’s Islamic banking window as well as the appointment of the Shari’a Supervisory Board members.

After the AGM, the Board of Directors held a meeting and appointed Sheikh Khalid bin Mustahail Al Mashani as the Chairman of the Board of Directors and Sheikh Ahmed bin Hamed bin Hilal Al Sadi as Deputy Chairman.

Speaking on the occasion, Sheikh Khalid bin Mustahail Al Mashani thanked the regulators, shareholders, clients and partners for their support and commitment to the bank. He added, “Driven by its proactive customer-centric strategy, Bank Muscat continued to demonstrate leadership in Oman’s financial services sector and ended 2021 on a positive note by working prudently to overcome challenges. The Sultanate’s leading financial institution is now poised to further consolidate its leading position as it completes 40 years of successfully serving the nation and the people of Oman in 2022.”

The Bank posted a net profit of RO 189.63 million for the year, compared to RO 163.36 million reported during the same period in 2020, an increase of 16.1 per cent.
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 335.54 million for the year ended 31 December 2021, compared to RO 322.13 million for the same period in 2020, an increase of 4.2 per cent. Non-interest income was RO 139.94 million for the year ended 31 December 2021 as compared to RO 134.41 million for the same period in 2020, an increase of 4.1 per cent. Net Loans and Advances, including Islamic financing receivables increased by 2.3 per cent to RO 9,191 million as against RO 8,983 million as at 31 December 2020. Customer deposits including Islamic Customer deposits increased by 3.7 per cent to RO 8,775 million as against RO 8,459 million as at 31 December 2020.

The basic earnings per share were RO 0.051 in 2021 against RO 0.044 in 2020. The Bank’s capital adequacy ratio stood at a very healthy level of 21.30 per cent as at 31 December 2021 after appropriation for proposed dividend for the year 2021 against the minimum required level of 13.25 per cent as per Basel III regulations issued by the Central Bank of Oman.

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