We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 10 Mar 2015 02:17 PM

Font Size

- Aa +

Oman's Bank Dhofar cuts proposed cash dividend

Bank reduces divident from 10% to 5% on the recommendation of the country's central bank

Oman's Bank Dhofar cuts proposed cash dividend

Oman's Bank Dhofar has cut its proposed cash dividend for 2014 to 5 percent from 10 percent based on the recommendation of the sultanate's central bank, Dhofar said in a statement on Tuesday.

The bank did not explain the reasoning behind the recommendation, but said it would increase its bonus share issue to 15 percent from 10 percent.

Bank Sohar, which is in talks on a possible merger with Dhofar, and non-banking financial firm Taageer Finance Co said earlier this week that they had also reduced proposed cash dividends for 2014 on the advice of the central bank.

The central bank has not issued a public policy statement about its advice on its website.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.