MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its preliminary unaudited results for the year ended December 31, 2023. The Bank posted a net profit of RO 212.45 million for the period compared to RO 200.75 million reported during the same period in 2022, an increase of 5.8 per cent.
The key highlights of the results for the year are as follows:
1) Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 374.82 million for the year ended December 31, 2023 compared to RO 344.86 million for the same period in 2022, an increase of 8.7 per cent.
2) Non-interest income was RO 138.0 million for the year ended December 31, 2023 as compared to RO 135.18 million for the same period in 2022, an increase of 2.1 per cent.
3) Operating expenses for the year ended December 31, 2023 was RO 196.39 million as compared to RO 184.52 million for the same period in 2022, an increase of 6.4 per cent.
4) Net Impairment for credit and other losses for the year ended December 31, 2023 was RO 64.66 million as against RO 59.94 million for the same period in 2022.
5) Net Loans and advances including Islamic financing receivables increased by 4.9 per cent to RO 9,877 million as against RO 9,417 million as at December 31, 2022.
6) Customer deposits including Islamic Customer deposits increased by 9.1 per cent to RO 9,438 million as against RO 8,647 million as at December 31, 2022.
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