MUSCAT, OCT 14 - Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended September 30, 2018. The bank posted a net profit of RO 134.74 million for the period compared to RO 130.26 million reported during the same period in 2017, an increase of 3.4 per cent.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 224.17 million for the nine months period ended September 30, 2018 compared to RO 209.02 million for the same period in 2017, an increase of 7.2 per cent.
2) Non-interest income was RO 105.24 million for the nine months period ended September 30, 2018 as compared to RO 104.55 million for the same period in 2017, a marginal increase of 0.7 per cent.
3) Operating expenses for the nine months period ended September 30, 2018 was RO 141.72 million as compared to RO 134.43 million for the same period in 2017, an increase of 5.4 per cent.
4) Impairment for credit losses for the nine months period in 2018 was RO 55.41 million as against RO 53.01 million for the same period in 2017.
5) Net Loans and advances including Islamic financing receivables increased by 8.0 per cent to RO 8,861 million as against RO 8,202 million as at September 30, 2017.
6) Customer deposits including Islamic Customer deposits increased by 2.8 per cent to RO 7,730 million as against RO 7,521 million as at September 2017. The full results for the nine months period ended September 30, 2018 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 October 2018.
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