Muscat – Bank Muscat, the flagship financial institution in the sultanate, announced its preliminary unaudited results for the first half of 2024, recording a net profit of RO112.12mn.

The bank posted a net profit of RO112.12mn for the first six months ending on June 30, compared to RO104.32mn reported during the same period in 2023.

This is an increase of 7.5% on a year-on-year basis.

Presenting the key highlights of the results, the bank reported net interest income from conventional banking and net income from Islamic financing reaching RO190.63mn for the six-month period this year, from RO184.71mn for the same period in 2023, an increase of 3.2%.

The bank’s non-interest income this year was RO75.27mn till June 30 as compared to RO66.48mn for the same period last year, an increase of 13.2%.

‘This increase was due to overall improvement in various business lines and volume increase,’ the bank stated.

Operating expenses for the aforesaid period was RO102.13mn as compared to RO97.44mn for the same period in 2023. This represents a total increase of 4.8%.

Net impairment for credit and other losses for the first half of the year was to the tune of RO29.96mn, the bank report showed. The losses under those heads were RO30.11mn for the same period in 2023.

Net Loans and advances including Islamic financing receivables increased by 3.3% to RO10.209bn as against RO9.880bn during the first half of the last year.

Customer deposits including Islamic customer deposits increased by 5.3% to reach RO9.563bn as against RO9.084bn last year for the same period.

While declaring the results of H1, the bank stated that the full results for this six-month period 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 this month.

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