Bank Muscat has announced its preliminary unaudited results for the three months ended on March 31, 2022. The Bank posted a net profit of RO 48.26 million for the period compared to RO 47.15 million reported during the same period in 2021, an increase of 2.4 per cent.
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 82.08 million for the three months period ended on March 31, 2022 compared to RO 83.74 million for the same period in 2021, a decrease of 2.0 per cent due to higher interest expenses.
Non-interest income was RO 37.02 million for Q1 2022 as compared to RO 37.68 million for the same period in 2021. Operating expenses increased 8.2 per cent to RO 50.95 million as compared to RO 47.11 million for the same period in 2021. Net Impairment for credit and other losses stood at RO 12.00 million this year as against RO 18.08 million for the same period in 2021.
Net loans and advances including Islamic financing receivables decreased by 2.8 per cent to RO 9,013 million as against RO 9,277 million as at March 31, 2021.
Customer deposits including Islamic Customer deposits increased by 4.8 per cent to RO 8,853 million as against RO 8,446 million as at March 31, 2021.
The full results, 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 April 2022, Bank Muscat added in a press statement.