Bank Muscat posts net profit of OMR54.24mn for first quarter

Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR95.45 million for the three months period ended on 31 March 2024

Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its preliminary unaudited results for the three months ended 31 March 2024.

The bank posted a net profit of OMR54.24 million for the period compared to OMR51.30 million reported during the same period in 2023, an increase of 5.7 per cent.

Key highlights

Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at

OMR95.45 million for the three months period ended 31 March 2024 compared to OMR91.71 million for the same period in 2023, an increase of 4.1 per cent.

Non-interest income was OMR37.25 million for the three months period ended 31 March 2024 as compared to OMR31.50 million for the same period in 2023, an increase of 18.3 per cent. This increase was due to overall improvement in various business lines and volume increase.

Operating expenses

Operating expenses for the three months period ended 31 March 2024 was OMR51.80 million as compared to OMR48.70 million for the same period in 2023, an increase of 6.4 per cent.

Net Impairment for credit losses for the three months period ended 31 March 2024 was OMR16.13 million as against OMR14.44 million for the same period in 2023.

Net Loans and advances including Islamic financing receivables increased by 1.0 per cent to OMR9,854 million as against OMR9,762 million as at 31 March 2023.

Customer deposits including Islamic Customer deposits increased by 8.4 per cent to OMR9,750 million as against OMR8,992 million as at 31 March 2023.

The full results for the three months period ended 31 March 2024 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during April 2024.