Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for nine months ending September 30, 2018. The bank posted a net profit of OMR134.74 million for the period compared to OMR130.26 million reported during the same period in 2017, an increase of 3.4 per cent.
The bank's net interest income from conventional banking and income from Islamic financing stood at OMR224.17 million for the nine-month period ending September 30, 2018, compared to OMR209.02 million for the same period in 2017, an increase of 7.2 per cent.
Non-interest income was OMR105.24 million for the nine-month period of September 2018 as compared to OMR104.55 million for the same period in 2017, a marginal increase of 0.7 per cent.
The bank's operating expenses for the nine-month period ending September 2018 were OMR141.72million as compared to OMR134.43 million for the same period in 2017, an increase of 5.4 per cent.
Impairment for credit losses for the nine-month period of the bank in 2018 was OMR55.41 million as against OMR53.01 million for the same period in 2017.
Net loans and advances, including Islamic financing receivables, increased by 8 per cent to OMR8,861 million as against OMR8,202 million on September 30, 2017.
Banks Muscat's customer deposits including Islamic customer deposits increased by 2.8 per cent to OMR7,730 million as against OMR7,521 million in September 2017.
The full results for the nine-month period ending September 30, 2018, along with a complete set of unaudited financial statements will be released post approval of the board of directors of the bank at its meeting scheduled later in October 2018.