Monday 10 / March / 2025
Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the nine months ended 30 September 2022.
The bank posted a net profit of OMR148.29 million for the period compared to OMR140.16 million reported during the same period in 2021, an increase of 5.8 per cent.
The key highlights of the results for the period are as follows:
Net interest income from conventional banking and net income from Islamic financing stood at OMR254.93 million for the nine months ended 30 September 2022 compared to OMR252.48 million for the same period in 2021, an increase of 1.0 per cent.
Non-interest income was OMR117.10 million for the nine months ended 30 September 2022 as compared to OMR105.85 million for the same period in 2021, mainly due to higher income from the sale of investments.
Operating expenses for the nine months ended 30 September 2022 was OMR156.18 million as compared to OMR144.33 million for the same period in 2021, an increase of 8.2 per cent.
Net Impairment for credit and other losses for the nine months ended 30 September 2022 was OMR41.58 million as against OMR46.77 million for the same period in 2021. The decrease is mainly attributed to the precautionary and collective provisions created by the bank in 2021.
Net loans and advances including Islamic financing receivables increased by 0.8 per cent to OMR9,229 million as against OMR9,158 million as of 30 September 2021.
Customer deposits including Islamic customer deposits increased marginally to OMR8,709 million as against OMR8,698 million as of 30 September 2021.
The full results for the nine months ended 30 September 2022 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 in October 2022.
