By Business Reporter — MUSCAT: April 15 - Bank Muscat posted a net profit of RO 44.23 million for the first three months of 2017 compared to RO 43.75 million reported during the same period in 2016, an increase of 1.1 per cent. Announcing its preliminary results for the three months ended on March 31, 2017, Bank Muscat said its Net Interest Income from Conventional Banking stood at RO 63.11 million for the three months of 2017 compared to RO 62.17 million for the same period of 2016, an increase of 1.5 per cent. Net income from Islamic financing was RO 6.35 million for the three months of 2017 compared to RO 5.87 million for the same period of 2016, an increase of 8.2 per cent.
Non-interest income was RO 36.99 million this year, versus RO 39.99 million for the same period in 2016. Operating expenses were up 2.5 per cent to RO 44.52 million this year, as compared to RO 43.44 million for the same period in 2016.
Impairment for credit losses was RO 18.34 million this year, as against RO 16.95 million for the same period in 2016. Recoveries from impairment for credit losses was RO 8.84 million, versus RO 5.40 million for the same period in 2016.
Net Loans and advances increased by 2.7 per cent to RO 7.102 billion as against RO 6.917 billion for Q1 2016. Customer deposits decreased by 2.3 per cent to RO 6.813 billion as against RO 6.974 billion for the same period of 2016.
Islamic financing receivables amounted to RO 902 million as of March 31, 2017 compared to RO 665 million in the same period of 2016. Islamic customer deposits amounted to RO 780 million, compared to RO 678 million reported for the same period in 2016.
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