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Bank Muscat posts OMR44.81m net profit
April 15, 2018 | 2:27 PM
by Times News Service
Net loans and advances, including Islamic financing receivables, increased by 5.5 per cent to OMR8,445 million as against OMR8,004 million as of March 31, 2017. - Supplied picture
 
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Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for three months ending March 31, 2018. The bank posted a net profit of OMR44.81 million for the period, compared to OMR44.23 million reported during the same period in 2017, an increase of 1.3 per cent.

Key highlights

The bank’s net interest income from conventional banking and income from Islamic financing stood at OMR71.84 million for the three-month period ending March 2018, compared to OMR69.47 million for the same period in 2017, an increase of 3.4 per cent.

Non-interest income of the bank was OMR35.36 million for the three-month period ending on March 31, 2018, as compared to OMR36.99 million for the same period in 2017, a decrease of 4.4 per cent.



The bank’s operating expenses for the three-month period ending March 2018 were OMR47.77 million as compared to OMR44.52 million for the same period in 2017, an increase of 7.3 per cent.

Impairment for credit losses for the three-month period in 2018 was OMR15.45 million as against OMR18.34 million for the same period in 2017. Recoveries from impairment for credit loss were OMR9.89 million for the three-month period in 2018 as against OMR8.84 million for the same period in 2017.

Net loans and advances, including Islamic financing receivables, increased by 5.5 per cent to OMR8,445 million as against OMR8,004 million as of March 31, 2017.

The bank’s customer deposits, including Islamic customer deposits, increased by 0.5 per cent to OMR7,631 million as against OMR7,593 million as of March 31, 2017.

The full results for the three-month period ending March 31, 2018, along with a complete set of unaudited financial statements will be released post approval of the bank’s Board of Directors at a meeting scheduled for April 2018.

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