Muscat – Bank Muscat held its Annual Ordinary General Meeting (AGM) and Extraordinary General Meeting (EGM) of shareholders on March 26, 2025, via the electronic platform of the Muscat Clearing and Depository website. Both meetings were chaired by Sheikh Khalid bin Mustahail al Mashani, Chairman of the Bank’s Board of Directors.

During the meetings, shareholders elected the Board of Directors for a three-year term (2025–2028).

At the EGM, shareholders approved the renewal of the Meethaq Sukuk Programme and the issuance of sukuk amounting to RO500mn (or its equivalent in US dollars) in various tranches in both domestic and international markets, either through public subscription or private placement.

Approval was also granted for the issuance of senior unsecured bonds in the local market under a Medium-Term Programme (MTP). Under the proposed MTP, the bank will issue senior unsecured bonds denominated in either Omani rials or US dollars in the local market, via private placement or public offering, in accordance with applicable laws and regulations in Oman.

During the AGM, shareholders approved the distribution of a cash dividend of 16.5bz per share for the financial year 2024.

Following the AGM, the Board of Directors convened a meeting in which Sheikh Khalid bin Mustahail al Mashani was reappointed as Chairman, and Sheikh Ahmed bin Hamed bin Hilal al Sadi was appointed Deputy Chairman.

Speaking on the occasion, Mashani expressed his appreciation to shareholders, customers, and partners for their continued support and confidence in the Board of Directors and the bank’s strong performance in delivering sustainable banking solutions aligned with evolving customer needs.

He said, “To further consolidate its leadership position in the sultanate’s banking sector, Bank Muscat remains committed to investing in cutting-edge technologies and enhancing operational efficiency to deliver greater value to our customers. At the same time, we focus on competitiveness and the adoption of best practices and innovative products to serve a diverse customer base, ensuring we remain at the forefront of delivering high-quality banking services.”

Bank Muscat reported a net profit of RO225.58mn for the year ended December 31, 2024, compared to RO212.45mn in the previous year, reflecting a year-on-year growth of 6.2%.