Bank Muscat posts net profit of RO 148.29m for 9 months till Sept 30

Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its preliminary unaudited results for the nine months ended September 30, 2022. The bank posted a net profit of RO 148.29 million for the period compared to RO 140.16 million reported during the same period in 2021, an increase of 5.8 per cent.

The key highlights of the results for the period are as follows:

1)Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 254.93 million for the nine months period ended 30 September 2022 compared to RO 252.48 million for the same period in 2021, an increase of 1.0 per cent.

2)Non-interest income was RO 117.10 million for the nine months period ended 30 September 2022 as compared to RO 105.85 million for the same period in 2021, mainly due to higher income from sale of investments.

3)Operating expenses for the nine months period ended September 30, 2022 was RO 156.18 million as compared to RO 144.33 million for the same period in 2021, an increase of 8.2 per cent.

4)Net Impairment for credit and other losses for the nine months period ended September 30, 2022 was RO 41.58 million as against RO 46.77 million for the same period in 2021. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during 2021.

5)Net Loans and advances including Islamic financing receivables increased by 0.8 per cent to RO 9,229 million as against RO 9,158 million as at September 30, 2021.

6)Customer deposits including Islamic Customer deposits increased marginally to RO 8,709 million as against RO 8,698 million as at September 30, 2021.

The full results for the nine months period ended September 30, 2022 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 2022.