Bank Muscat posts RO 130.26m net profit for 9-month period

MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, posted a net profit of RO 130.26 million for the nine months ended September 30, 2017 compared to RO 136.91 million reported during the same period in 2016.

The key highlights of the preliminary results announced by the bank for the period are as follows:

1) Net Interest Income from Conventional Banking stood at RO 189.94 million for the nine months of 2017 compared to RO 187.95 million for the same period of 2016, an increase of 1.1 per cent. Net income from Islamic financing was RO 19.08 million for the nine months of 2017 compared to RO 17.78 million for the same period of 2016, an increase of 7.3 per cent.

2) Non-interest income was RO 104.55 million for the nine month period ended September 30, 2017 compared to RO 108.47 million for the same period in 2016 due to reduction in exchange income and other fees.

3) Operating expenses for the nine month period ended September 30, 2017 was RO 134.42 million as compared to RO 129.02 million for the same period in 2016, an increase of 4.2 per cent.

4) Impairment for credit losses for the nine month period in 2017 was RO 53.01 million as against RO 46.96 million for the same period in 2016. Recoveries from impairment for credit losses was RO 30.95 million for the nine month period of 2017 as against RO 22.69 million for the same period in 2016.

5) Share of income from an associate for the nine month period in 2017 was RO 1.78 million as against a RO 1.09 million for the same period in 2016.

6) Net Loans and advances increased by 3.2 per cent to RO 7,259 million as against RO 7,032 million as at September 30, 2016.