Muscat: Bank Muscat shareholders granted approval for the payout of 30 per cent dividend for 2016 at the annual general meeting (AGM) presided by Sulaiman bin Mohamed Al Yahyai, deputy chairman, at the bank’s head office.
Shareholders would receive cash dividend of OMR0.025 per ordinary share of OMR0.100 each aggregating to OMR62.41 million on the bank’s existing share capital, according to a bank release. In addition, they would receive bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 124.81 million shares of OMR0.100 each amounting to OMR12.48 million.
Sulaiman bin Mohamed Al Yahyai thanked the banking community, shareholders and clients for the support and commitment to the bank, which helped to maintain performance momentum during the year. “The 35-year leadership journey of the bank is set to witness further consolidation in line with the ‘Let’s Do More’ vision which reflects the strategy for the coming period,” Al Yahyai added.
The bank posted a net profit of OMR176.56 million for 2016 compared to OMR175.45 million reported in 2015, an increase of 0.6 per cent. Net interest income from conventional banking and income from Islamic financing stood at OMR274.15 million for 2016 compared to OMR260.51 million for the same period in 2015, an increase of 5.2 per cent.
Net Loans and advances from conventional operation increased by 6.1 per cent to OMR7,102 million as against OMR6,695 million as at December 31, 2015. Customer deposits from the conventional operations declined by 0.6 per cent to OMR6,695 million as against OMR6,738 million as at December 31, 2015.
Islamic financing receivables amounted to OMR855 million of December 31, 2016 compared to OMR635 million in the same period of 2015. Islamic Banking customer deposits amounted to OMR763 million as of December 31, 2016 compared to OMR625 million reported in December, 2015.
The basic earnings per share touched OMR0.067 in 2016 against OMR0.067 in 2015. The bank’s capital adequacy ratio stood at 16.90 per cent as on December 31, 2016 after appropriation for the dividend for 2016 against the minimum required level of 12.625 per cent as per Basel III regulations issued by the Central Bank of Oman.