MUSCAT – Bank Muscat proposed a 16.5 percent dividend for the year 2024. The meeting of the Board of Directors of the Bank, chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Wednesday January 29, 2025, approved the financial results for the year ended December 31, 2024.
The Board of Directors has proposed a 16.5 percent cash dividend for the year 2024. Shareholders would receive a cash dividend of OMR0.0165 per ordinary share aggregating to OMR123.856 million on the Bank’s existing share capital. The proposed cash dividend is subject to the formal approval of the Annual General Meeting of the shareholders and regulatory authorities. The Bank’s Capital Adequacy Ratio (CAR) after the cash dividend payout will be 20.02 percent which is well above the regulatory minimum.
The Bank posted a net profit of OMR225.58 million for the year 2024 compared to OMR212.45 million reported in 2023, an increase of 6.2 percent. Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR397.70 million for the year ended December 31, 2024 compared to OMR374.82 million for the same period in 2023, an increase of 6.1 percent. Non-interest income was OMR145.00 million for the year ended December 31, 2024 as compared to OMR138.00 million for the same period in 2023, an increase of 5.1 percent.
Operating expenses for the year ended December 31, 2024 was OMR209.26 million as compared to OMR196.39 million for the same period in 2023, an increase of 6.6 percent. Net impairment losses on financial assets for the year ended December 31, 2024 was OMR64.41 million as against OMR64.66 million for the same period in 2023. Net Loans and advances including Islamic financing receivables increased by 3.6 percent to OMR10,237 million as against OMR9,877 million as at December 31, 2023. Customer deposits including Islamic Customer deposits increased by 3.6 percent to OMR9,777 million as against OMR9,438 million as at December 31, 2023.
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