Muscat – Bank Muscat recently held its annual ordinary general meeting (AGM) and an extraordinary general meeting (EGM) of the bank’s shareholders through the electronic platform of Muscat Clearing and Depository.

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

In the EGM, Bank Muscat shareholders approved the renewal of 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 $ 2bn.

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 December 31, 2023. They reviewed the report of the Sharia Supervisory Board of Meethaq, the Islamic banking window of Bank Muscat, for the financial year ended December 31, 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 board’s recommendation to distribute a dividend of 15.5% in the form of cash, therefore they will receive a cash dividend of 155bz per ordinary share aggregating to RO116.349mn on the bank’s existing share capital. The bank’s capital adequacy ratio will stand at 21.22% which is well above the minimum level required by the regulatory authorities.

Speaking on the occasion, Mashani thanked the regulators, shareholders, clients and partners for their support and commitment to Bank Muscat.

He said, “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 in order to enhance its operational efficiency and enrich the customers’ experience.”

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. He wished all the success as the sultanate embarks on a new stage of growth and progress.

As disclosed earlier, Bank Muscat posted a net profit of RO212.45mn for the full year 2023, compared to RO200.75mn reported during the same period in 2022, reflecting an increase of 5.8%.