Bank Muscat reports net profit of OMR94mn in first half

Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the six months ended on June 30, 2019. The bank posted a net profit of OMR93.65 million for the period compared to OMR89.70 million reported during the same period in 2018, an increase of 4.4 per cent.
Key highlights
The bank's net interest income from conventional banking and income from Islamic financing stood at OMR159.02 million for the six months period ended on June 30, 2019compared to OMR144.94 million for the same period in 2018,an increase of 9.7 per cent.
The non-interest income of bank Muscat was OMR75.05 million for the six months period ended June 30, 2019 as compared to OMR71.98 million for the same period in 2018, an increase of 4.3 per cent.
Operating expenses for the six months period ended on June 30, 2019 was OMR97.11million as compared to OMR93.47 million for the same period in 2018, an increase of 3.9 per cent.
Net impairment for credit and other losses for the six months period in 2019 was OMR24.99 million as against OMR16.64 million for the same period in 2018.
Net loans and advances including Islamic financing receivables increased by 6.3 per cent to OMR9,078 million as against OMR8,542 million as of June 30, 2018.
Bank Muscat's customer deposits including Islamic customer deposits increased by 3.7 per cent to OMR7,978million as against OMR7,693 million as of June 30, 2018.
The full results for the six months period ended June 30, 2019along 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 July 2019.