Bank Muscat, Oman’s largest bank by assets, saw its first quarter 2022 net profit rise by 2.4 percent to 48.26 million riyals ($125.5 million) despite lower net interest income and higher operating expenses. 

Net interest income from conventional banking and net income from Islamic financing reached 82.08 million riyals for the first three months of the year, compared to 83.74 million for the same period in 2021, the bank stated in a bourse filing on Thursday. 

Operating expenses went up by 8.2 percent to 50.95 million riyals. However, net impairment for credit and other losses fell to 12 million riyals from 18.08 million riyals. 

The bank’s customer deposits also grew 4.8 percent to more than 8.8 billion riyals. 

(Writing by Cleofe Maceda; editing by Daniel Luiz)