MUSCAT, 21 February 2006 — The Central Bank of Oman (CBO) has approved the financial statements of BankMuscat for the year 2005, and has recommended an amendment to the cash dividend proposal made by the bank from 40 percent to 35 percent. The cash dividend proposal is in addition to the bank’s proposed stock dividend distribution of 10 percent for the year. BankMuscat, the nation’s premier bank, had achieved a net profit of RO45.4 million in 2005, compared to a net profit of RO34.1 million in 2004. This is an increase of 33.1 percent.
GIB Reports Record Profit
MANAMA, 21 February 2006 — Gulf Investment Bank (GIB) recorded consolidated net income after tax of $203 million for 2005. This is $52.8 million or 35 percent up over the previous year. This represented the highest result in the bank’s history. The General Assembly approved the payment of a $101.5 million dividend from the 2005 profits. Consolidated total assets rose by $3.6 billion to $22.9 billion at the end of 2005.
GIC Posts 100% Rise in Profits
KUWAIT CITY, 21 February 2006 — The Gulf Investment Corporation (GIC) announced a 100 percent year-on-year increase in net profits to $272.8 million. The return on equity (ROE) increased to 22.5 percent from 12.3 percent in the previous year. The bank’s General Assembly approved a $177.3 million in dividends; this is equal to 24 percent of the bank’s paid-up capital. The banks’ investments in GCC’s projects in 2005 grew by 70 percent year-on-year, to reach $736 million. The banks’ shareholders’ equity rose by 24 percent to $1.6 billion.