Bank Muscat shareholders have granted their approval to distribute 25 per cent cash dividend (25bz per share) and 10 per cent bonus shares (10 bonus shares for every 100 shares owned) for the financial year 2020. The bank’s shareholders will thus receive a combined dividend of 35 per cent.
Bank Muscat held its extraordinary general meeting (EGM) and annual ordinary general meeting (AGM) of shareholders on Tuesday. The meetings were held through the electronic platform developed by Muscat Clearing and Depository Company and were presided over by Sheikh Khalid bin Mustahail al Mashani, chairman of the bank’s board of directors.
At the meetings, Bank Muscat shareholders agreed to increase the authorised capital of the bank to RO450mn from RO350mn previously. The shareholders also approved the amendment of the bank’s Articles of Association accordingly.
Speaking on the occasion, Mashani expressed his thanks and gratitude to the shareholders for their strong support and confidence in the board of directors of Bank Muscat and the bank’s performance and progress. He stressed that Bank Muscat would continue to further consolidate its leadership and maintain its position in the banking sector, driven by its customer-centric strategy and continuing to achieve greater success and offering products and services that meet the needs of different customer segments while also achieving added value for its shareholders.
Mashani noted that Bank Muscat board welcomed and supported the measures taken by the Central Bank of Oman and the Capital Market Authority to strengthen the financial sector in the sultanate. He added that the achievements of the bank would not have been possible without the far-sighted and proactive economic policies of the government of Oman.
In particular, he expressed his happiness with the strong financial results achieved by the bank in the past year despite unprecedented challenges and strong competition in the banking sector.
Bank Muscat posted a net profit of RO163.36mn for the year ended December 31, 2020 compared to RO185.55mn reported for the year ended December 31, 2019.
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