Bank Muscat approves renewal of Euro medium-term note programme and distribution of cash dividends of 15.5%

Business Wednesday 03/April/2024 13:45 PM
By: Times News Service
Bank Muscat approves renewal of Euro medium-term note programme and distribution of cash dividends of 15.5%

Muscat: Bank Muscat held its Annual Ordinary General Meeting (AGM) and an Extraordinary General Meeting (EGM) of the bank’s shareholders on 26 March 2024 through the electronic platform of Muscat Clearing and Depository’s website.

Both meetings were presided over by Sheikh Khalid bin Mustahail Al Mashani, Chairman of the bank’s Board of Directors, in the presence of the Board’s members, the executive management and a number of shareholders.

In the EGM, the shareholders approved the renewal of the Euro Medium Term Note (EMTN) Programme (the EMTN Programme), including the capital markets Alternatives and the issue of international Additional Tier 1 instruments by the Bank, up to an aggregate amount of $2 billion.

In the AGM, the shareholders also approved the Report of the Board of Directors and reviewed the Auditor’s Report for the financial year ended 31st December 2023. They reviewed the report of the Shari’a Supervisory Board of Meethaq, the Islamic Banking window of the Bank, for the financial year ended 31st December 2023 and agreed to appoint the statutory auditors for the Bank and the external independent Sharia auditors for Meethaq. During the meeting, Saud bin Nasser bin Rashid Al Shukaili was elected as a director to fill the vacant seat in the Board of Directors until the next Board term elections.

The shareholders also approved the recommendation to distribute a dividend of 15.5 per cent in the form of cash, therefore they will receive a cash dividend of OMR0.0155 per ordinary share aggregating to OMR116.349 million on the Bank’s existing share capital. The bank’s capital adequacy ratio will stand at 21.22 per cent which is well above the minimum level required by the regulatory authorities.

Speaking on the occasion, Sheikh Khalid bin Mustahail Al Mashani thanked the regulators, shareholders, clients and partners for their support and commitment to the Bank. He stated: “The Bank is making strategic efforts to maintain its leading position as a reliable banking partner in the Sultanate, and to provide sustainable banking solutions in line with the current and future requirements of customers, thus achieving remarkable progress despite challenges. It is committed to developing its digital infrastructure, and harnessing its resources to employ the latest modern digital services to enhance its operational efficiency and enrich the customers’ experience.”

Sheikh Khalid Al Mashani added that Bank Muscat’s Board of Directors welcomed and supported the measures undertaken by the Central Bank of Oman (CBO) and the Financial Services Authority (FSA) to strengthen and diversify the financial sector in Oman. Sheikh Khalid Al Mashani wished all the success as Oman embarks on a new stage of growth and progress.

As disclosed earlier, the bank posted a net profit of OMR212.45 million for the full year, compared to OMR200.75 million reported during the same period in 2022, reflecting an increase of 5.8 per cent.