Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Bank Muscat posts net profit of RO 185.55 million

1420220
1420220
minus
plus

MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary results for the year ended December 31, 2019. The financial results are subject to the approval of External Auditors, Board of Directors, Central Bank of Oman and shareholders of the bank.


The bank posted a net profit of RO 185.55 million for the year compared to RO 179.63 million reported during the same period in 2018, an increase of 3.3 per cent.


The key highlights of the results for the year are as follows:


n Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 316.97 million for the year ended December 31, 2019 compared to RO 304.29 million for the same period in 2018, an increase of 4.2 per cent.


n Non-interest income was RO 155.21 million for the year ended December 31, 2019 as compared to RO 142.45 million for the same period in 2018, an increase of 9.0 per cent.


n Operating expenses for year ended December 31, 2019 was RO 195.95 million as compared to RO 190.34 million for the same period in 2018, an increase of 2.9 per cent.


n Net Impairment for credit and other losses for the year 2019 was RO 56.13 million as against RO 43.24 million for the year 2018.


n Net Loans and advances including Islamic financing receivables decreased by 0.7 per cent to RO 8,879 million as against RO 8,939 million as at December 31, 2018. The reduction in loan book is mainly attributable to prepayment of certain large corporate exposures in 2019.


n Customer deposits including Islamic Customer deposits decreased by 5.0 per cent to RO 8,044 million as against RO 8,463 million as at December 31, 2018. The main reason for decrease in customer deposits in 2019 was due to a substantial increase in large short term deposit that was transit in nature in last quarter of 2018.


The full results for the year ended December 31, 2019 along with complete set of unaudited financial statements will be released post approval of the Board of Directors of the bank at its meeting scheduled later during January 2020.


SHARE ARTICLE
arrow up
home icon