Bank Muscat’s net profit grows 7.5 per cent to OMR175m

MUSCAT: Bank Muscat has achieved a 7.5 per cent growth in net profit at OMR175.45 million for 2015, against OMR163.23 million posted for the previous year.
Net interest income from conventional banking and income from Islamic finance stood at OMR260.51 million for 2015 compared to OMR243.64 million for the same period of 2014, an increase of 6.9 per cent. Also, non-interest income at OMR147.23 million was higher by 5.6 per cent compared to OMR139.47 million for the year ended December, 2014.
Bank Muscat, the Sultanate’s leading bank, said its operating expenses for 2015 at OMR171.06 million were higher by 8.3 per cent as compared to OMR157.89 million for the same period in 2014.
Further, impairment for credit losses for the year of 2015 was OMR71.98 million as against OMR64.33 million for the same period in 2014. Recoveries from impairment for credit loss were OMR35.88 million last year as against OMR26.06 million for the same period in 2014.
Share of income from associates for the year of 2015 was OMR2.56 million against OMR1.52 million for the previous year.
Net loans and advances from conventional operation increased by 4.9 per cent to OMR6,695 million as against OMR6,386 million as at December 31, 2014. Likewise, customer deposits, including CDs from the conventional operations, increased by 6.2 per cent to OMR6,738 million as against OMR6,345 million by end-December, 2014.
Islamic financing receivables amounted to OMR635 million by end-December, 2015 compared to OMR400 million in the same period of 2014. Islamic banking customer deposits amounted to OMR625 million as of December 31, 2015 compared to OMR283 million reported in December, 2014.
The financial results are subject to approval of external auditors, board of directors, Central Bank of Oman and shareholders of the bank.