Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the three months ended 31 March 2021.
The bank posted a net profit of OMR47.15 million for the period compared to OMR33.25 million reported during the same period in 2020, an increase of 41.8 per cent, mainly due to lower impairment charges.
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 OMR 83.74 million for the three months period ended 31 March 2021 compared to OMR 81.23 million for the same period in 2020, an increase of 3.1 per cent.
Non-interest income was OMR 37.68 million for the three months period ended 31 March 2021 as compared to OMR 34.39 million for the same period in 2020, an increase of 9.6 per cent.
Operating expenses for the three months period ended 31 March 2021 was OMR 47.11 million as compared to OMR 50.60 million for the same period in 2020, a decrease of 6.9 per cent.
Net Impairment for credit and other losses for the three months period in 2021 was OMR 18.08 million as against OMR 25.73 million for the same period in 2020. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during Q1-2020, at the onset of the COVID-19 pandemic and the historic decline seen in global crude oil prices. The bank remains vigilant of the continuing stress in the macro-economic and business conditions and its potential impacts.
Net Loans and advances including Islamic financing receivables increased by 2.2 per cent to OMR 9,278 million as against OMR 9,076 million as of 31 March 2020.
Customer deposits including Islamic Customer deposits increased by 2.1 per cent to OMR 8,446 million as against OMR 8,269 million as of 31 March 2020.
The full results for the three months ended 31 March 2021 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 2021.