MUSCAT: Bank Muscat posted a net profit of RO 104.32 million for the Jan-June period of 2023, compared to RO 99.26 million reported during the same period in 2022, an increase of 5.1 per cent.
Announcing it preliminary unaudited financial results for the period, it noted that Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 184.71 million for H1 2023, compared to RO 166.25 million for the same period in 2022, an increase of 11.1 per cent.
Non-interest income was RO 66.48 million this year, compared to RO 71.04 million for the same period in 2022. Non-interest income for the previous comparative period included a one-time gain from sale of investments of RO 7.9 million. Excluding this, non-interest income has witnessed an increase of 5.3 per cent.
Operating expenses totaled RO 97.44 million as compared to RO 92.30 million for the same period in 2022, an increase of 5.6 per cent. Net Impairment for credit and other losses totaled RO 30.11 million as against RO 28.40 million for the same period in 2022. Net Loans and advances including Islamic financing receivables increased by 9.7 per cent to RO 9,878 million as against RO 9,002 million for H1 2022. Customer deposits including Islamic Customer deposits increased by 2.8 per cent to RO 9,083 million as against RO 8,834 million as at 30 June 2022.
The full results for the six months period ended 30 June 2023 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 July 2023.
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