Bank Dhofar approves 15% cash dividend & 10% bonus share issue

bank dofar

The Board of Directors of BankDhofar has conducted its Annual General Meeting at Muscat InterContinental Hotel on Tuesday, 29th March 2016. The meeting approved the Corporate Governance report and the report of the Board of Directors of the Bank for the financial year ended 31st December 2015, as well as the Balance Sheet, the Profit and Loss account for the financial year ended 31st December 2015, in addition to the report of Sharia Supervisory Board for “Maisarah” Islamic Banking Services for the same financial year.

The meeting also approved the proposed cash dividend of 15% amounting to RO 23.17 million and a bonus share issue of 10%, aggregating to  154.47 million shares of RO 0.100 each, of the share capital of the bank, subject to Regulatory Approvals.

In continuation of its capital augmentation plan, the Bank raised capital of USD 300 million (RO 115.5 million) in the form of Tier 1 (including Additional Tier 1 capital) in 2015, the successful debut issuance of Basel III compliant Tier 1 instrument in the country. This would be used to support the growth of the Bank.

As part of the planned funding program and strengthening the liquidity base, Bank successfully completed a Syndicated borrowing of USD 250 million at competitive rates, with encouraging participation from major banks in the region. This facility demonstrates the confidence of the global markets in the financial strength of BankDhofar.

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