15 October 2011
MUSCAT: BankMuscat, the Sultanate's biggest bank, yesterday announced a 21 per cent growth in net profit at RO87.1 million for the first nine months of 2011, over the same period last year.
The net profit for the nine-month period of 2010 was RO72.2 million.
The growth in net earnings was attributed to a robust 16.7 per cent surge in net interest income at RO159.9 million for the first nine months, from RO137.1 million for the same period last year.
"The increase in the net interest income was due to a combination of asset growth and improvement in net interest margin," said a bank statement posted on Muscat Securities Market (MSN) website. The results are subject to the approval of board of directors.
Further, non-interest income at RO60.8 million was higher by 18.3 per cent compared to RO51.4 million for the first three quarters of 2010. Operating expenses for the nine-month period at RO90.8 million increased by 20.3 per cent over the same period in 2010. "Increase in operating expenses is attributable to higher manpower cost and operating expenses related to investment in technology and facilities."
BankMuscat shares inched down 0.15 per cent to 665 baisas on the MSM, before announcing the financial results. As many as 445,373 shares changed hand in yesterday's trading.
Impairment for credit losses for the nine-month period in 2011 was RO40.9 million as against RO30.1 million for the nine-month period ended September 2010. Increase in impairment for credit losses in the third quarter of 2011 was mainly due to collective provision.
Net loans and advances increased by 17.2 per cent to RO4,537 million from RO3,870 million, while customer, including certificates of deposits, increased by 37.2 per cent to RO4,723 million as against RO3,442 million during the period under review. The increase in customer deposits was driven by demand, savings and term deposits.
MUSCAT: BankMuscat, the Sultanate's biggest bank, yesterday announced a 21 per cent growth in net profit at RO87.1 million for the first nine months of 2011, over the same period last year.
The net profit for the nine-month period of 2010 was RO72.2 million.
The growth in net earnings was attributed to a robust 16.7 per cent surge in net interest income at RO159.9 million for the first nine months, from RO137.1 million for the same period last year.
"The increase in the net interest income was due to a combination of asset growth and improvement in net interest margin," said a bank statement posted on Muscat Securities Market (MSN) website. The results are subject to the approval of board of directors.
Further, non-interest income at RO60.8 million was higher by 18.3 per cent compared to RO51.4 million for the first three quarters of 2010. Operating expenses for the nine-month period at RO90.8 million increased by 20.3 per cent over the same period in 2010. "Increase in operating expenses is attributable to higher manpower cost and operating expenses related to investment in technology and facilities."
BankMuscat shares inched down 0.15 per cent to 665 baisas on the MSM, before announcing the financial results. As many as 445,373 shares changed hand in yesterday's trading.
Impairment for credit losses for the nine-month period in 2011 was RO40.9 million as against RO30.1 million for the nine-month period ended September 2010. Increase in impairment for credit losses in the third quarter of 2011 was mainly due to collective provision.
Net loans and advances increased by 17.2 per cent to RO4,537 million from RO3,870 million, while customer, including certificates of deposits, increased by 37.2 per cent to RO4,723 million as against RO3,442 million during the period under review. The increase in customer deposits was driven by demand, savings and term deposits.
© Times of Oman 2011
