Tuesday 16 / April / 2024
Muscat: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary results for the three months ended on March 31, 2019. The bank posted a net profit of OMR45.80 million for the period compared to OMR44.81 million reported during the same period in 2018, an increase of 2.2 per cent.
Key highlights
The bank's net Interest Income from Conventional Banking and Income from Islamic Financing stood at OMR78.76 million for the three months period ended on March 31, 2019 compared to OMR71.84 million for the same period in 2018, an increase of 9.6 per cent.
Non-interest income of the bank was OMR37.56 million for the three months period ended on March 31, 2019 compared to OMR35.36 million for the same period in 2018, an increase of 6.2 per cent.
The bank's operating expenses for the three months period ending March 2019 was OMR48.58 million compared to OMR47.77 million for the same period in 2018, an increase of 1.7 per cent.
Net Impairment for credit and other losses of the bank for the three months period in 2019 was OMR13.46 million against OMR6.09 million for the same period in 2018.
The bank's net loans and advances including Islamic financing receivables increased by 7.9 per cent to OMR 9,158million as against OMR8,485million at end of March 2018.
Customer deposits of the bank including Islamic Customer deposits increased by 5.4 per cent to OMR8,042million against OMR7,631 million at the end of March 2018.
The full results for the three months period ended on March 31, 2019 along with complete set of unaudited financial statements will be released post approval of the Board of directors of the Bank at its meeting scheduled later during April 2019.
