Oman's largest lender by assets, Bank Muscat, reported a Q1 2024 net profit of 54.24 million rials ($140.9 million) nearly 6% higher versus OMR 51.30 million reported in the first quarter of 2023.  

The net profit beat analysts’ mean estimate of OMR 52 million, according to LSEG data.

Operating profit was up 9% year-on-year (YoY) at OMR 80.90 million, the lender said in a regulatory statement on the Muscat Stock Exchange on Monday.

Net interest income and net income from Islamic banking stood at OMR 95.45 million, 4% higher on year.  

Net provisions for credit and other losses were higher at OMR 16.3 million versus OMR 14.44 million in the year-ago period.

Net loans and advances including Islamic financing receivables rose 1% to OMR 9.85 billion in the latest period.

(Reporting by Brinda Darasha; editing by Seban Scaria)