Monday 28 / April / 2025
Muscat: Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its preliminary unaudited results for the year ended 31 December 2023.
The bank posted a net profit of OMR212.45 million for the period compared to OMR200.75 million reported during the same period in 2022, an increase of 5.8 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 OMR374.82 million for the year ended 31 December 2023 compared to OMR344.86 million for the same period in 2022, an increase of 8.7 per cent.
Non-interest income was OMR138.0 million for the year ended 31 December 2023 as compared to OMR135.18 million for the same period in 2022, an increase of 2.1 per cent.
Operating expenses for the year ended 31 December 2023 was OMR196.39 million as compared to OMR184.52 million for the same period in 2022, an increase of 6.4 per cent.
Net Impairment for credit and other losses for the year ended 31 December 2023 was OMR64.66 million as against OMR59.94 million for the same period in 2022.
Net Loans and advances including Islamic financing receivables increased by 4.9 per cent to OMR9,877 million as against OMR9,417 million as at 31 December 2022.
Customer deposits including Islamic Customer deposits increased by 9.1 per cent to OMR9,438 million as against OMR8,647 million as at 31 December 2022.
The full results for the year ended 31 December 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 January 2024.
