Bank Muscat net profit rises to RO 176.56m

MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, posted a net profit of RO 176.56 million for the for the year ended December 31, 2016 compared to RO 175.45 million reported during the same period in 2015, an increase of 0.6 per cent. The preliminary financial results announced by the bank for the year 2016 are subject to approval of external auditors, Board of Directors, Central Bank of Oman and shareholders of the bank.
898581-1The key highlights of the results for the period are as follows:
♦ Net interest income from conventional banking and income from Islamic financing stood at RO 274.15 million for the year 2016 compared to RO 260.51 million for the same period in 2015, an increase of 5.2 per cent.
♦ Non-interest income at RO 142.03 million was lower by 3.5 per cent compared to RO 147.23 million for the year ended  December 31, 2015.
♦ Operating expenses for the year ended 31 December 2016 at RO 174.08 million was marginally higher by 1.8 per cent as compared to RO 171.06 for the same period in 2015.
♦ Impairment for credit losses for the year of 2016 was RO 70.29 million as against RO 71.98 million for the same period in 2015. Recoveries from impairment for credit loss was RO 35.51 million for the year of 2016 as against RO 35.88  million for the same period in 2015.
♦ Share of income from associates for the year of 2016 was RO 1.73 million against RO 2.56 million for the same period in 2015.
♦ Net loans and advances from conventional operation increased by 6.1 per cent to RO 7,102 million as against RO 6,695 million as at December 31, 2015.
♦ Customer deposits from conventional operations decreased by 0.6 per cent to RO 6,695 million as against RO 6,738 million as at 31 December 2015.
♦ Islamic financing receivables amounted to RO 855 million of 31 December 2016 compared to RO 635 million in the same period of 2015. Islamic banking customer deposits amounted to RO 763 million as of 31 December 2016 compared to RO 625 million reported in 31 December 2015.
The full results of the year ended December 31, 2016 along with complete set of financial statements will be released post approval of the Board of Directors of the bank at its meeting scheduled later during January 2017.