Bank Muscat posts net profit of OMR51.30 million for first quarter

Business Sunday 16/April/2023 15:51 PM
By: Times News Service
Bank Muscat posts net profit of OMR51.30 million for first quarter

Muscat: Bank Muscat, the flagship financial institution in the Sultanate of Oman, has announced its preliminary unaudited results for the three months ended 31 March 2023.

The bank posted a net profit of OMR51.30 million for the period compared to OMR48.26 million reported during the same period in 2022, an increase of 6.3 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 OMR91.71 million for the three months ended 31 March 2023 compared to OMR82.08 million for the same period in 2022, an increase of 11.7 per cent.

Non-interest income was OMR31.50 million for the three months ended 31 March 2023 as compared to OMR31.83 million for the same period in 2022.

Operating expenses for the three months ended 31 March 2023 was OMR48.70 million as compared to OMR45.76 million for the same period in 2022, an increase of 6.4 per cent.

Net Impairment for credit and other losses for the three months ended 31 March 2023 was OMR13.69 million as against OMR12.0 million for the same period in 2022.

Net loans and advances including Islamic financing receivables increased by 8.4 per cent to OMR9,765 million as against OMR9,009 million as of 31 March 2022.

Customer deposits including Islamic Customer deposits increased by 1.6 per cent to OMR8,992 million as against OMR8,853 million as of 31 March 2022.

The full results for the three months ended 31 March 2023 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 April 2023.