Bank Muscat Board Approves 2024 Financial Results, Proposes 16.5% Dividend
Oman Horizon Bulletin
Muscat: Bank Muscat, the leading financial institution in Oman, has announced a 16.5% dividend proposal for the year 2024 following the approval of its annual financial results by the Board of Directors. The board meeting, chaired by Sheikh Khalid bin Mustahail Al Mashani, took place on January 29, 2025, reviewing the bank’s performance for the year ending December 31, 2024.
The proposed cash dividend of RO 0.0165 per ordinary share, totaling RO 123.856 million, is subject to approval by shareholders at the Annual General Meeting (AGM) and regulatory authorities. Following the dividend payout, Bank Muscat’s Capital Adequacy Ratio (CAR) will stand at 20.02%, well above the regulatory requirements.
Financial Performance Highlights:
- Net Profit: RO 225.58 million, marking a 6.2% increase from RO 212.45 million in 2023.
- Net Interest Income & Islamic Financing Revenue: RO 397.70 million, up 6.1% from RO 374.82 million in 2023.
- Non-Interest Income: RO 145.00 million, a 5.1% increase from RO 138.00 million in 2023.
- Operating Expenses: RO 209.26 million, up 6.6% from RO 196.39 million in 2023.
- Net Impairment Losses: RO 64.41 million, slightly lower than RO 64.66 million in 2023.
- Net Loans & Advances (including Islamic Financing): RO 10.237 billion, reflecting a 3.6% growth from RO 9.877 billion in 2023.
- Customer Deposits (including Islamic Deposits): RO 9.777 billion, a 3.6% increase from RO 9.438 billion in 2023.
Bank Muscat remains committed to sustained growth and shareholder value, reinforcing its position as Oman’s leading financial institution.
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