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Bank Muscat's Board of Directors, chaired by Sheikh Khalid bin Mustahail Al Mashani, met on 29 January 2024 and approved the financial results for the year ended 31 December 2023. The Board proposed a 15.5% cash dividend for 2023, equivalent to RO 0.0155 per ordinary share and aggregating RO 116.349 million, which is subject to shareholder and regulatory approval. For 2023, Bank Muscat reported a net profit of RO 212.45 million, a 5.8% increase from RO 200.75 million in 2022, with a post-dividend Capital Adequacy Ratio of 21.22%.
| Date | 29 Jan 2024 |
| Time | 11:50:16 |
| Category | Capital structure |
| ID | 2422B |
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