Muscat – Bank Muscat, the flagship financial services provider in the sultanate, has proposed a 16.5% dividend for the year 2024. The meeting of the noard of firectors of the nank, chaired by Sheikh Khalid bin Mustahail sl Mashani, Chairman, on Wednesday, approved the financial results for the year ended December 31, 2024.

The board has proposed a 16.5% cash dividend for the year 2024. Shareholders would receive a cash dividend of 16.5 baisa per ordinary share aggregating to RO123.856mn on the bank’s existing share capital. The proposed cash dividend is subject to the formal approval of the Annual General Meeting of the shareholders and regulatory authorities.

Bank Muscat said its capital adequacy ratio (CAR) after the cash dividend payout will be 20.02% which is well above the regulatory minimum.

The bank posted a net profit of RO225.58mn for the year 2024 compared to RO212.45mn reported in 2023, an increase of 6.2%. Net interest income from conventional banking and net income from Islamic financing stood at RO397.70mn for the year ended December 31, 2024 compared to RO374.82mn for the same period in 2023, an increase of 6.1%. Non-interest income was RO145mn for the year ended December31, 2024 as compared to RO138.00mn for the same period in 2023, an increase of 5.1%.

Bank Muscat’s net loans and advances including Islamic financing receivables increased by 3.6% to RO10.237bn as against RO9.877bn as at December 31, 2023. Customer deposits including Islamic customer deposits increased by 3.6% to RO9.777bn as against RO9.438bn as at December 31, 2023.

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