Bank Muscat posts OMR130m net profit for 9-month period

Muscat: Bank Muscat, the leading financial institution in the Sultanate, posted a net profit of OMR130.26 million for the first nine months ended September 30 2017 compared to OMR136.91 million reported during the same period in 2016.
The bank’s net interest Income from conventional banking stood at 0MR189.94 million for the nine months of 2017 compared to OMR187.95 million for the same period of 2016, an increase of 1.1 per cent. Net income from Islamic financing was OMR19.08 million for the nine months of 2017 compared to OMR17.78 million for the same period of 2016, an increase of 7.3 per cent, said a bank release.
Non-interest income was OMR104.55 million for the first three quarters of 2017 compared to OMR108.47 million for the same period in 2016 due to reduction in exchange income and other fees. Operating expenses for the nine month period ended September 30, 2017 was OMR134.42 million as compared to OMR129.02 million for the same period in 2016, an increase of 4.2 per cent.
Impairment for credit losses for the nine month period in 2017 was OMR53.01 million as against OMR46.96 million for the same period in 2016. Recoveries from impairment for credit losses was OMR30.95 million for the nine month period of 2017 as against OMR22.69 million for the same period in 2016.
Bank Muscat’s share of income from an associate for the nine month period in 2017 was OMR1.78 million as against a OMR1.09 million for the same period in 2016.
Net loans and advances increased by 3.2 per cent to OMR7,259 million as against OMR7,032 million as at September 30, 2016, while customer deposits declined by 3.5 per cent to OMR6,591 million as against OMR6,831 million as at September 30, 2016.
Islamic financing receivables amounted to OMR943 million as of September 30, 2017 compared to OMR782 million in the same period of 2016. Islamic customer deposits amounted to OMR930 million as of September 30, 2017 compared to OMR746 million reported for the same period in 2016.
The full financial results of the nine month period of 2017 along with complete set of unaudited financial statements will be released after the approval of the board of directors of the bank at its meeting scheduled later during October 2017.