Bank Muscat revises 2018 dividend to 40%
Bank Muscat has revised the proposed dividend payout to 40 per cent from 35 per cent for the year 2018. The bank’s board of directors has recommended the revised 2018 dividend as an exceptional consideration for shareholders’ approval.
Continuing the bank’s strong dividend payment track record, the board has proposed 35 per cent cash dividend as against the previously announced 30 per cent. In addition, five per cent dividend in the form of bonus shares has been proposed as announced earlier, according to a press statement.
Bank Muscat’s capital adequacy ratio post the cash dividend payout will be 19.22 per cent, which is well above the regulatory minimum requirement.
Shareholders would receive cash dividend of 35bz per ordinary share of 100bz each aggregating to RO103.159mn on the bank’s existing share capital. In addition, they would receive bonus shares in the proportion of one share for every 20 ordinary shares aggregating to 147,370,636 shares of 100bz each amounting to RO14.737mn. The proposed cash dividend and issuance of bonus shares are subject to formal approval of the annual general meeting of shareholders.
Bank Muscat posted a net profit of RO179.63mn for the year ended December 31, 2018.