Bank Muscat sees RO 44.81m Q1 net profit

Business Reporter - MUSCAT, April 15 - Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the three months ended on March 31, 2018. The bank posted a net profit of RO 44.81 million for the period compared to RO 44.23 million reported during the same period in 2017, an increase of 1.3 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 71.84 million for the 3-month period ended on March 2018 compared to RO 69.47 million for the same period in 2017, an increase of 3.4 per cent. n Non-interest income was RO 35.36 million for the 3-month period ended on March 31, 2018 as compared to RO 36.99 million for the same period in 2017, a decrease of 4.4 per cent. n Operating expenses for the 3-month period ended on March 31, 2018 was RO 47.77 million as compared to RO 44.52 million for the same period in 2017, an increase of 7.3 per cent. n Impairment for credit losses for the 3-month period in 2018 was RO 15.45 million as against RO 18.34 million for the same period in 2017. Recoveries from impairment for credit loss was RO 9.89 million for the 3-month period in 2018 as against RO 8.84 million for the same period in 2017. n Net loans and advances, including Islamic financing receivables, increased by 5.5 per cent to RO 8,445 million as against RO 8,004 million as a March 31, 2017. n Customer deposits, including Islamic customer deposits, increased by 0.5 per cent to RO 7,631 million as against RO 7,593 million as at March 31, 2017. The full results for the 3-month period ended on March 31, 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 April 2018.