Apr 17 2012
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BankMuscat profit rises 20pc in Q1
Net interest income registered an increase of 1.2 per cent at RO 54.4 million in the first quarter of 2012 compared to RO 53.7 million in the same period in 2011. There was a one-off income in Q1-11 net interest income and hence the year on year comparison shows only a marginal increase. But for the one-off income, the net interest income would have increased by 13 per cent.
Non-interest income at RO 24.6 million is higher by 8.8 per cent compared to RO 22.6 million for the three-month ended March 31, 2011.
Operating expenses for the three-month period in 2012 are at RO 33.5 million increased marginally by 6.5 per cent as compared to the same period in 2011.
Increase in operating expenses is mainly attributable to increase in manpower cost.
Impairment for credit losses for the three-month period in 2012 was RO 12.5 million as against RO 13.1 million for the same period in 2011.
Net Loans and advances increased by 24.7 per cent to RO 4,988 million as against RO 3,999 million as at 31 March 2011.
Customer deposits, including CDs, increased by 33.5 per cent to RO 5,055 million as against RO 3,787 million as at 31 March 2011. The increase in customer deposits was driven by a mix of both savings and term deposits.
The results are subject to approval of the Board of Directors, according to statement from the bank.
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