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For the first quarter ended March 2008, BankMuscat (BKMB) reported a net profit surge of 39.2% to OMR 26.54 million, as against OMR 19.06 million registered during the same period in 2007. Net interest income increased 31.4% to OMR 37.04 million, manly driven by a consistent and strong growth in the asset base. Simultaneously, total operating income soared 45.1% to OMR 55.01 million from OMR 37.91 million and non-interest income zoomed 84.5% to OMR 17.90 million compared to OMR 9.70 million in 1Q07.
During the period under review, operating expenses increased by OMR 6.10 million quarter-on-quarter, mainly due to increases in manpower and other administrative costs resulting from heightened business activities and expansion of business lines. However, cost to income ratio reduced to 38.1% from 39.2%.
BankMuscat’s net loans and advances stood at OMR 2,978.64 million as at end March 2008, a surge of 46.4% from the year ago quarter. Simultaneously, customer deposits recorded OMR 2,657.72 million increasing 30.2% from OMR 2,040.73, and savings deposits registered an impressive growth of 52.7% to OMR 701.78 million in the comparable quarter of the previous year.