Bank Muscat, one of Oman’s leading financial institutions, recently convened its annual general meeting (AGM) and an extraordinary general meeting (EGM) via Muscat Clearing and Depository’s electronic platform. The gatherings, overseen by Sheikh Khalid bin Mustahail al Mashani, Bank Muscat’s Chairman, witnessed significant decisions and discussions on the bank’s future strategies.
In the EGM, shareholders gave the nod for the renewal of the Euro Medium Term Note (EMTN) Programme, extending it to include capital market alternatives and issuing international Additional Tier 1 instruments with a cap of $2 billion. This move underscores the bank’s commitment to diversifying its funding sources and enhancing its global presence.
The AGM saw unanimous approval of the board’s report and scrutiny of the auditor’s findings for the fiscal year ending December 31, 2023. Shareholders also lauded the Sharia Supervisory Board of Meethaq, Bank Muscat’s Islamic banking arm, for its report on the same period. Additionally, they greenlit the appointment of statutory auditors for the bank and external independent Sharia auditors for Meethaq, ensuring continued adherence to regulatory standards.
Saud bin Nasser bin Rashid al Shukaili’s election to the board as a director injects fresh perspectives and expertise, fortifying Bank Muscat’s governance structure. His appointment underscores the bank’s commitment to fostering a diverse and skilled leadership team.
Shareholders were pleased to approve the board’s recommendation of a 15.5% cash dividend, translating to 155bz per ordinary share, totaling RO116.349 million. This payout attests to the bank’s robust financial health and commitment to rewarding its shareholders.
Sheikh Khalid bin Mustahail al Mashani expressed gratitude to regulators, shareholders, clients, and partners for their unwavering support. Emphasizing the bank’s strategic direction, he highlighted its focus on digital innovation to meet evolving customer needs and enhance operational efficiency. The Board’s endorsement of regulatory measures to strengthen Oman’s financial sector signals alignment with national economic objectives.
Building on its solid performance, Bank Muscat announced a net profit of RO212.45 million for 2023, marking a 5.8% increase from the previous year. This uptick underscores the bank’s resilience and adaptability in challenging market conditions.
As Oman enters a new phase of growth and progress, Bank Muscat remains steadfast in its commitment to fostering financial stability and prosperity. The bank’s forward-looking approach and prudent financial management position it to capitalize on emerging opportunities and navigate potential headwinds.
Bank Muscat’s AGM and EGM outcomes reflect its unwavering commitment to transparency, shareholder value, and sustainable growth. With a robust governance framework, strategic vision, and strong financial performance, the bank is poised to continue its trajectory of success in the dynamic landscape of Oman’s banking sector.
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