Bank Muscat’s nine-month net profit rises 7.5 per cent

14/10/2015 07:39 AST

Bank Muscat reported a net profit of OMR136.2 million for the nine months ended September 30, up from the OMR126.7 million net profit reported during the same period last year, reflecting an increase of 7.5 per cent.

The flagship financial institution of the Sultanate said net interest income from conventional banking stood at OMR176.0 million for the first nine months of 2015, compared with OMR170.3 million for the same period in 2014,up 3.3 per cent.

Net income from Islamic financing was pegged at OMR13.7 million for the nine months of 2015, compared with OMR12.4 million for the same period in 2014.

Non-interest income was said to be OMR112.9 million, 8.4 per cent higher than the OMR104.1 million reported for the nine months ended September 30,2014.

Operating expenses for the nine-month period in 2015 stood at OMR126.0 million, higher than OMR117.6 million for the same period a year ago, showing an increase of 7.2 per cent.

The impairment for credit losses for the nine-month period this year was OMR42.7 million, against OMR40.7 million for the same period in 2014. Recoveries from impairment of credit loss was OMR25.5 million for the nine-month period of 2015, against OMR19.6 million for the same period last year.

Share of income from associates for the nine-month period in 2015 was OMR1.9 million, against OMR896,000 for the corresponding period of 2014.

Net loans and advances from the conventional operations increased by 8.7 per cent to OMR6,566 million, against OMR6,042 million during a year ago.

Customer deposits, including CDs (certificates of deposit) from conventional operations, jumped 6.7 per cent to OMR6,778 million during the nine-month period of 2015, against OMR6,351 million during the same period in 2014.

Islamic financing receivables amounted to OMR482 million as of September 30,2015, compared with OMR385 million during the same period of 2014. Islamic Banking customer deposits amounted to OMR549 million as of September 30,compared with OMR231 million reported during the same period of 2014.

The full results of the nine-month period ended September 30,along with the complete set of financial statements, will be released after an approval given by the Board of Directors at a meeting scheduled to be held in late October.

Times of Oman