Bank Muscat posts net profit of $367.35mln

Muscat: Bank Muscat has announced its preliminary results for the nine months ended September 30, 2019. The bank posted a net profit of RO 141.43 million for the period compared to RO 134.74 million reported during the same period in 2018, an increase of 5 percent.

The key highlights of the results for the period are as follows:

Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 237.97 million for the nine months period ended 30 September 2019 compared to RO 224.18 million for the same period in 2018, an increase of 6.2 percent.
Non-interest income was RO 113.76 million for the nine months period ended 30 September 2019 as compared to RO 105.24 million for the same period in 2018, an increase of 8.1 percent.
Operating expenses for the nine months period ended 30 September 2019 was RO 144.54 million as compared to RO 141.72 million for the same period in 2018, an increase of 2.0 percent.
Net Impairment for credit and other losses for the nine months period in 2019 was RO 38.14 million as against RO 27.21 million for the same period in 2018.
Net Loans and advances including Islamic financing receivables increased by 1.3 percent to RO 8,965 million as against RO 8,853 million as of 30 September 2018.

Customer deposits including Islamic Customer deposits increased by 5.6 percent to RO 8,164 million as against RO 7,730 million as of 30 September 2018.

Particulars (RO millions) For nine months ended,	30 Sep 2019	30 Sep 2018	Change (%)
Net interest income & Islamic financing income	237.97	224.18	6.2%
Other operating income	113.76	105.24	8.1%
Operating expenses	144.54	141.72	2.0%
Operating profit	207.19	187.70	10.4%
Net profit	141.43	134.74	5.0%
Particulars (RO millions) as at,	30 Sep 2019	30 Sep 2018	Change (%)
Net loans and Islamic financing	8,965	8,853	1.3%
– Conventional loans and advances	7,786	7,767	0.2%
– Islamic financing receivables	1,179	1,086	8.6%
Customer deposits and Islamic deposits	8,164	7,730	5.6%
– Conventional customer deposits	7,136	6,777	5.3%
– Islamic customer deposits	1,028	953	7.8%

The full results for the nine months period ended September 30 along with the complete set of unaudited financial statements that will be released post-approval of the Board of Directors of the Bank at its meeting scheduled later in October.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.