GulfBase Live Support
27/01/2016 16:36 AST
Bank Muscat has proposed 30 per cent dividend for the year 2015. Continuing the bank’s strong dividend payment track record, the Board of Directors has proposed 25 per cent cash dividend for the year 2015 which is consistent with the cash dividend paid in the last five years.
In addition, five per cent dividend in the form of bonus shares has been proposed. The bank has retained sufficient level of profits to further strengthen the capital base and be better positioned for possible future challenging market conditions.
The meeting of the Board of Directors chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Tuesday 26 January 2016, approved the 2015 financial results and dividend payout, subject to approval of the Central Bank of Oman (CBO) and shareholders of the bank.
Shaikh Khalid bin Mustahail Al Mashani said, ”Amid the challenging economic and financial situation marked by low oil prices, the key business lines of the bank recorded healthy performance on expected lines.”
Shareholders would receive cash dividend of OMR 0.025 per ordinary share of OMR 0.100 each aggregating to OMR 57.29 million on the bank’s existing share capital. In addition, they would receive bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 114,591,130 shares of OMR 0.100 each amounting to OMR 11.46 million. The proposed cash dividend and issuance of bonus shares are subject to formal approval of the Annual General Meeting of the shareholders and the regulatory authorities.
The bank posted a net profit of OMR 175.45 million in 2015 compared to OMR 163.23 million reported in 2014, an increase of 7.5 per cent. The basic earnings per share were OMR 0.077 in 2015 as against OMR 0.071 in 2014. The banks’ capital adequacy ratio stood at 16.10 per cent as on 31 December 2015 after appropriation for proposed dividend for the year 2015 against the minimum required level of 12.625 per cent as per Basel III regulations issued by the Central Bank of Oman.
Net loans and advances from conventional operation increased by 4.9 per cent to OMR 6,695 million as against OMR 6,386 million as at 31st December 2014. Customer deposits, including CDs from the conventional operations increased by 6.2 per cent to OMR 6,738 million as against OMR 6,345 million as at 31st December 2014.
Islamic financing receivables amounted to OMR 635 million as of 31st December 2015 compared to OMR 400 million in the same period of 2014. Islamic banking customer deposits amounted to OMR 625 million as of 31st December 2015 compared to OMR 283 million reported on 31st December 2014.
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