Bank Muscat board proposes dividend for Year 2023

BankMuscat (S.A.O.G)

29 January 2024

 

Date: 29 January 2024

Subject: Bank Muscat Board of Directors Proposes Dividend for the Year 2023

Bank Muscat, the flagship financial services provider in the Sultanate, has proposed a 15.5 per cent dividend for the year 2023.

The meeting of the Board of Directors of the Bank, chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Monday 29 January 2024, approved the financial results for the year ended 31 December 2023.

Continuing the Bank's healthy dividend payment track record the Board of Directors has proposed a 15.5 per cent cash dividend for the year 2023. Shareholders would receive a cash dividend of RO 0.0155 per ordinary share aggregating to RO 116.349 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 21.22% which is well above the regulatory minimum.

The Bank posted a net profit of RO 212.45 million for the year 2023 compared to RO 200.75 million reported in 2022, an increase of 5.8 per cent.

Waleed K. Al Hashar

Chief Executive Officer

 

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