MUSCAT - Bank Muscat has announced its preliminary unaudited results for the nine months ended September 30, 2023. The Bank posted a net profit of RO 158.88 million for the period compared to RO 148.29 million reported during the same period in 2022, an increase of 7.1 percent.
The key highlights of the results for the period are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 280.98 million for the nine-month period ended 30 September 2023 compared to RO 254.93 million for the same period in 2022, an increase of 10.2 percent.
Non-interest income was RO 100.23 million for the nine-month period ended 30 September 2023 as compared to RO 100.69 million for the same period in 2022. Non-interest income for the previous comparative period included a one-time gain from the sale of investments of around RO 8 million. Excluding this, non-interest income has witnessed an increase of 8.1 percent.
Operating expenses for the nine-month period ended 30 September 2023 was RO 146.48 million as compared to RO 139.85 million for the same period in 2022, an increase of 4.7 percent.
Net Impairment for credit and other losses for the nine-month period ended 30 September 2023 was RO 46.91 million as against RO 41.58 million for the same period in 2022.
Net Loans and advances including Islamic financing receivables increased by 6.9 percent to RO 9,869 million as against RO 9,229 million as of September 30, 2022.
Customer deposits including Islamic Customer deposits increased by 8.9 percent to RO 9,485 million as against RO 8,709 million as of September 30, 2022.
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