Bank Muscat announced its preliminary unaudited results for the year ended 31 December 2022. The Bank posted a net profit of RO 200.75 million for the period compared to RO 189.63 million reported during the same period in 2021, an increase of 5.9 percent.
The key highlights of the results for the year are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 344.86 million for the year ended 31 December 2022 compared to RO 335.54 million for the same period in 2021, an increase of 2.8 percent.
Non-interest income was RO 157.96 million for the year ended 31 December 2022 as compared to RO 139.94 million for the same period in 2021, mainly due to higher income from the sale of investments.
Operating expenses for the year ended 31 December 2022 were RO 207.30 million as compared to RO 191.46 million for the same period in 2021, an increase of 8.3 percent.
Net Impairment for credit and other losses for the year ended 31 December 2022 was RO 59.94 million as against RO 60.22 million for the same period in 2021.
Net Loans and advances including Islamic financing receivables increased by 2.4 percent to RO 9,414 million as against RO 9,191 million as at 31 December 2021.
Customer deposits including Islamic Customer deposits decreased by 1.5 percent to RO 8,647 million as against RO 8,775 million as at 31 December 2021.
The full results for the year ended 31 December 2022 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 2023.
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