Bank Mus­cat posts RO84.3mn net profit for first half of 2017

Muscat Daily - - FRONT PAGE -

Net in­ter­est in­come from con­ven­tional bank­ing stood at RO125.63mn for H1 in 2017 com­pared to RO124.42mn for the same pe­riod last year

Bank Mus­cat posted a net profit of RO84.31mn for the six months pe­riod ended June 30, 2017; a de­crease of 6.8 per cent com­pared with RO90.47mn re­ported dur­ing the same pe­riod of 2016.

The bank an­nounced its pre­lim­i­nary re­sults for the first half of 2017 on Thurs­day in a dis­clo­sure filed with the Mus­cat Secu- ri­ties Mar­ket.

Its net in­ter­est in­come from con­ven­tional bank­ing stood at RO125.63mn for the first six months of 2017 com­pared to RO124.42mn for the same pe­riod last year, an in­crease of one per cent. Net in­come from Is­lamic fi­nanc­ing grew 5.4 per cent to RO12.4mn from RO11.76mn for the same pe­riod of 2016.

Bank Mus­cat’s non-in­ter­est in­come de­creased to RO68.57mn for the first half of 2017 com­pared to RO74.58mn for the same pe­riod of 2016 due to re­duc­tion in ex­change in­come and other fees, the bank said.

Oper­at­ing ex­penses for the six month pe­riod in­creased by 3.8 per cent to RO89.36mn as com­pared to RO86.06mn for the same pe­riod in 2016. Im­pair­ment for credit losses was RO35.44mn as against RO32.72mn for the same pe­riod in 2016. Re­cov­er­ies from im­pair­ment for credit losses were RO20.04mn in the first six months of 2017 as against RO15.66mn in the same pe­riod of last year.

Bank Mus­cat’s net loans and ad­vances grew by 4.8 per cent to RO7.17bn as of June 30, 2017 from RO6.84bn a year ago. Cus­tomer de­posits de­creased by 4.9 per cent to RO6.57bn from RO6.9bn a year ago.

The bank’s Is­lamic fi­nanc­ing re­ceiv­ables jumped to RO915mn as of June 30, 2017 from RO749mn a year ago. Is­lamic cus­tomer de­posits rose to RO906mn from RO733mn in the first half of 2016.

Bank Mus­cat said its share of in­come from an as­so­ciate for the six month pe­riod in 2017 was RO1.16mn as against a RO0.48mn for the same pe­riod in 2016.

The bank said the full re­sults of the six month pe­riod ended June 30, 2017 along with com­plete set of unau­dited fi­nan­cial state­ments will be re­leased af­ter the ap­proval of the board of di­rec­tors at its meeting sched­uled later in July.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.