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Bank Muscat's Board of Directors, at a meeting on 26 January 2022, proposed a 35% dividend for the year 2021. This proposal includes a 30% cash dividend of RO 0.030 per ordinary share (aggregating RO 107.234 million) and a 5% bonus share dividend of 1 share for every 20 ordinary shares (aggregating 178,723,739 shares or RO 17.872 million). The proposed dividend is subject to approval by the Central Bank of Oman and the Bank's shareholders.
| Date | 27 Jan 2022 |
| Time | 07:00:06 |
| Category | Capital structure |
| ID | 8250Z |
Bank Muscat Board of Directors Proposes Dividend for the Year 2021
Muscat, 27 January 2022 - Bank Muscat, the flagship financial services provider in the Sultanate, has proposed a 35 per cent dividend for the year 2021. Continuing the Bank's dividend payment track record the Board of Directors has proposed a 30 per cent cash dividend and a 5 per cent dividend in the form of bonus shares for the year 2021. The Bank's Capital Adequacy Ratio (CAR) after the cash dividend payout will be 21.30% which is well above the regulatory minimum.
The meeting of the Board of Directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Wednesday 26 January 2022, approved the 2021 financial results and dividend payout, subject to the approval of the Central Bank of Oman (CBO) and shareholders of the Bank.
Shareholders would receive a cash dividend of RO 0.030 per ordinary share aggregating to RO 107.234 million on the 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 178,723,739 shares amounting to RO 17.872 million. The proposed cash dividend and issuance of bonus shares are subject to the formal approval of the Annual General Meeting of the shareholders and regulatory authorities.
The Bank posted a net profit of RO 189.63 million for the year 2021 compared to RO 163.36 million reported in 2020, an increase of 16.1 per cent.
Waleed K. Al Hashar
Chief Executive Officer