Bank Muscat BoD proposes 15 per cent dividend for 2022

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, has proposed a 15 per cent dividend for the year 2022.

The meeting of the Board of Directors of the Bank, chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Tuesday 24 January 2023, approved the 2022 financial results and dividend payout, subject to the formal approval of the Annual General Meeting of the shareholders and regulatory authorities.

The Board of Directors has proposed a 15 per cent cash dividend for the year 2022. Shareholders would receive a cash dividend of OMR0.015 per ordinary share aggregating to OMR112.596 million on the bank’s existing share capital. The Bank’s Capital Adequacy Ratio (CAR) after the cash dividend payout will be 21.25 per cent which is well above the regulatory minimum.

Bank Muscat posted a net profit of OMR200.75 million for the year 2022 compared to OMR189.63 million reported in 2021, an increase of 5.9 per cent. Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR344.86 million for the year ended 31 December 2022 compared to OMR335.54 million for the same period in 2021, an increase of 2.8 per cent.

Non-interest income was OMR157.96 million for the year ended 31 December 2022 as compared to OMR139.94 million for the same period in 2021, an increase of 12.9 per cent mainly due to higher investment income.

Operating expenses for the year ended 31 December 2022 was OMR207.30 million as compared to OMR191.46 million for the same period in 2021, an increase of 8.3 per cent. Net Impairment for credit and other losses for the year ended 31 December 2022 was OMR59.94 million as against OMR60.22 million for the same period in 2021.

Net loans and advances including Islamic financing receivables increased by 2.5 per cent to OMR9,417 million as against OMR9,191 million as of 31 December 2021. Customer deposits including Islamic Customer deposits decreased by 1.5 per cent to OMR8,647 million as against OMR8,775 million as of 31 December 2021.