Bank Muscat posts RO 141.43m net profit

MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary results for the nine months ended September 30, 2019. The bank posted a net profit of RO 141.43 million for the period compared to RO 134.74 million reported during the same period in 2018, an increase of 5 per cent.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 237.97 million for the nine months period ended September 30, 2019 compared to RO 224.18 million for the same period in 2018, an increase of 6.2 per cent.
2) Non-interest income was RO 113.76 million for the nine months period ended September 30, 2019 as compared to RO 105.24 million for the same period in 2018, an increase of 8.1 per cent.
3) Operating expenses for the nine months period ended September 30, 2019 was RO 144.54 million as compared to RO 141.72 million for the same period in 2018, an increase of 2.0 per cent.
4) Net Impairment for credit and other losses for the nine months period in 2019 was RO 38.14 million as against RO 27.21 million for the same period in 2018.
5) Net Loans and advances including Islamic financing receivables increased by 1.3 per cent to RO 8,965 million as against RO 8,853 million as at September 30, 2018.
6) Customer deposits including Islamic Customer deposits increased by 5.6 per cent to RO 8,164 million as against RO 7,730 million as at September 30, 2018.
The full results for the nine months period ended September 30, 2019 along with the complete set of unaudited financial statements will be released post approval of the Board of Directors of the Bank at its meeting scheduled later in October.