Bank Muscat posts 2.2 per cent increase in 1st quarter net profit

MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary results for the three months ended March 31, 2019.
The bank posted a net profit of RO 45.80 million for the period compared to RO 44.81 million reported during the same period in 2018, an increase of 2.2 per cent.
The key highlights of the results for the period are as follows:
n Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 78.76 million for the three months period ended March 31, 2019 compared to RO 71.84 million for the same period in 2018, an increase of 9.6 per cent.
n Non-interest income was RO 37.56 million for the three months period ended March 31, 2019 as compared to RO 35.36 million for the same period in 2018, an increase of 6.2 per cent.
n Operating expenses for the three months period ended March 31, 2019 was RO 48.58 million as compared to RO 47.77 million for the same period in 2018, an increase of
1.7 per cent.
n Net Impairment for credit and other losses for the three months period in 2019 was RO 13.46 million as against RO 6.09 million for the same period in 2018.
n Net Loans and advances including Islamic financing receivables increased by 7.9 per cent to RO 9,158 million as against RO 8,485 million as at March 31, 2018.
n Customer deposits including Islamic Customer deposits increased by 5.4 per cent to RO 8,042 million as against RO 7,631 million as at March 31, 2018.
The full results for the three months period ended March 31, 2019 along with complete set of unaudited financial statements will be released post approval of the Board of Directors of the bank at its meeting scheduled later during April 2019.