Bank Muscat posts net profit of OMR140.16 million

Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the nine months ended 30 September 2021.

The bank posted a net profit of OMR140.16 million for the period compared to OMR 113.21 million reported during the same period in 2020, an increase of 23.8 per cent, mainly due to lower impairment charges.

The key highlights of the results for the period are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR 252.48 million for the nine months ended 30 September 2021 compared to OMR 240.07 million for the same period in 2020, an increase of 5.2 per cent.

Non-interest income was OMR 105.85 million for the nine months ended 30 September 2021 as compared to OMR 96.72 million for the same period in 2020, an increase of 9.4 per cent.

Operating expenses for the nine months ended 30 September 2021 was OMR 144.33 million as compared to OMR 137.19 million for the same period in 2020, an increase of 5.2 per cent.

Net Impairment for credit and other losses for the nine months in 2021 was OMR 46.77 million as against OMR 64.82 million for the same period in 2020. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during the first half of 2020, due to the onset of the Covid-19 pandemic and the historic decline seen in global crude oil prices. The bank remains vigilant of the continuing stress in the macro-economic and business conditions and its potential impacts.

Net loans and advances including Islamic financing receivables increased by 2.9 per cent to OMR 9,156 million as against OMR 8,895 million as of 30 September 2020.
Customer deposits including Islamic Customer deposits decreased by 1.1 per cent to OMR 8,698 million as against OMR 8,795 million as of 30 September 2020.

The full results for the nine months ended 30 September 2021 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during October 2021.