Bank Muscat has posted a net profit of RO 189.63 million for the year ended December 31, 2021, compared to RO 163.36 million reported during the same period in 2020, an increase of 16.1 per cent, mainly due to higher operating income and lower impairment charges.
Announcing its preliminary unaudited results for the year, the nation’s biggest lender reported that Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 335.54 million for the year ended December 31, 2021 compared to RO 322.13 million for the same period in 2020, an increase of 4.2 per cent.
Non-interest income was RO 139.95 million, as compared to RO 134.41 million for the same period in 2020, an increase of 4.1 per cent. Operating expenses were RO 191.46 million as compared to RO 179.85 million for the same period in 2020, an increase of 6.5 per cent.
Net Impairment for credit and other losses for the year 2021 amounted to RO 60.22 million as against RO 81.04 million for the same period in 2020. “The decrease is mainly attributed to the precautionary and collective provisions created by the Bank during the first half of 2020, due to the onset of the Covid-19 pandemic and the historic decline seen in global crude oil prices. The Bank remains vigilant of the continuing stress in the macro-economic and business conditions and its potential impacts,” Bank Muscat said in a press statement.
Net Loans and advances including Islamic financing receivables increased by 2.3 per cent to RO 9,187 million as against RO 8,983 million for 2020.
Customer deposits including Islamic Customer deposits increased by 3.7 per cent to RO 8,775 million as against RO 8,459 million as at December 31, 2020.
“The full results for the year ended December 31, 2021 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during January 2022,” the Bank added