Bank Muscat posts OMR44m net profit in first quarter

16/04/2017 07:03 AST

Bank Muscat, the leading financial institution in the Sultanate, posted a net profit of OMR44.23 million for the first quarter of 2017 compared to OMR43.75 million reported for the same period in 2016, an increase of 1.1 per cent.

Net interest income from conventional banking stood at OMR63.11 million for the three months of 2017 compared to OMR62.17 million for the same period of 2016, an increase of 1.5 per cent. Net income from Islamic financing was OMR6.35 million for the three months of 2017 compared to OMR5.87 million for the same period of 2016, an increase of 8.2 per cent.

Non-interest income was OMR36.99 million for the three month period ended March, 2017 compared to OMR39.99 million for the same period in 2016.

Also, operating expenses for the three month period ended March 31, 2017 was OMR44.52 million as compared to OMR43.44 million for the same period in 2016, an increase of 2.5 per cent.

Impairment for credit losses for the three month period in 2017 was OMR18.34 million as against OMR16.95 million for the same period in 2016. Recoveries from impairment for credit losses was OMR8.84 million for the three month period of 2017 as against OMR5.40 million for the same period in 2016.

Share of income from an associate for the three month period in 2017 was OMR0.5 million as against a loss of OMR0.22 million for the same period in 2016.

Net loans and advances increased by 2.7 per cent to OMR7,102 million as against OMR6,917 million as at March 31, 2016. Customer deposits declined by 2.3 per cent to OMR6,813 million as against OMR6,974 million as at March 31, 2016.

Islamic financing receivables amounted to OMR902 million as of March 31, 2017 compared to OMR665 million in the same period of 2016. Islamic customer deposits amounted to OMR780 million as of March 31, 2017 compared to OMR678 million reported for the same period in 2016.

The full results of the three month period ended March 31, 2017 along with complete set of unaudited financial statements, will be released after approval of the board of directors of the bank at its meeting scheduled later during April 2017.

Times of Oman