Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, has proposed a 16.5 per cent dividend for the year 2024. The meeting of the Board of Directors of the Bank, chaired by Sheikh Khalid bin Mustahail Al Mashani, Chairman, on Wednesday 29 January 2025, approved the financial results for the year ended 31 December 2024. 

The Board of Directors has proposed a 16.5 per cent cash dividend for the year 2024. Shareholders would receive a cash dividend of RO 0.0165 per ordinary share aggregating to RO 123.856 million 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. The Bank’s 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 RO 225.58 million for the year 2024 compared to RO 212.45 million reported in 2023, an increase of 6.2 per cent. Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 397.70 million for the year ended 31 December 2024 compared to RO 374.82 million for the same period in 2023, an increase of 6.1 per cent. Non-interest income was RO 145.00 million for the year ended 31 December 2024 as compared to RO 138.00 million for the same period in 2023, an increase of 5.1 per cent. 

Operating expenses for the year ended 31 December 2024 was RO 209.26 million as compared to RO 196.39 million for the same period in 2023, an increase of 6.6 per cent. Net impairment losses on financial assets for the year ended 31 December 2024 was RO 64.41 million as against RO 64.66 million for the same period in 2023. Net Loans and advances including Islamic financing receivables increased by 3.6 per cent to RO 10,237 million as against RO 9,877 million as at 31 December 2023. Customer deposits including Islamic Customer deposits increased by 3.6 per cent to RO 9,777 million as against RO 9,438 million as at 31 December 2023.