Thursday 28 / November / 2024
Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the year ended 31 December 2022.
The bank posted a net profit of OMR200.75 million for the period compared to OMR189.63 million reported during the same period in 2021, an increase of 5.9 per cent.
The key highlights of the results for the year are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR344.86 million for the year ended 31 December 2022 compared to OMR335.54 million for the same period in 2021, an increase of 2.8 per cent.
Non-interest income was OMR157.96 million for the year ended 31 December 2022 as compared to OMR139.94 million for the same period in 2021, mainly due to higher income from the sale of investments.
Operating expenses for the year ended 31 December 2022 was OMR207.30 million as compared to OMR191.46 million for the same period in 2021, an increase of 8.3 per cent.
Net Impairment for credit and other losses for the year ended 31 December 2022 was OMR59.94 million as against OMR60.22 million for the same period in 2021.
Net loans and advances including Islamic financing receivables increased by 2.4 per cent to OMR9,414 million as against OMR9,191 million as of 31 December 2021.
Customer deposits including Islamic Customer deposits decreased by 1.5 per cent to OMR8,647 million as against OMR8,775 million as of 31 December 2021.
The full results for the year ended 31 December 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 during January 2023.
