Bank Muscat reports 5.7% growth in first quarter net profit at Ro54.2mn

Bank Muscat, the flagship financial institution in Oman, announced its preliminary unaudited results for the three months ended March 31, 2024, on Monday. The bank posted a net profit of Ro54.24mn for the first quarter of 2024 compared to Ro51.30mn reported during the same period in 2023, an increase of 5.7%.

The bank's net interest income from conventional banking and net income from Islamic financing stood at Ro95.45mn for the first three months of this year compared to Ro91.71mn for the same period in 2023, an increase of 4.1%.

Non-interest income was Ro37.25mn for the threemonth period ended March 31, 2024, compared to Ro31.5mn for the same period in 2023, marking an increase of 18.3%. This increase was attributed to overall improvement in various business lines and volume increase, according to Bank Muscat's press statement.

The bank's operating expenses for the three-month period ended March 31, 2024, were Ro51.8mn compared to Ro48.7mn for the same period in 2023, reflecting an increase of 6.4%.

Net impairment for credit losses for the three-month period ended March 31, 2024, was Ro16.13mn compared to Ro14.44mn for the same period in 2023.

Bank Muscat's net loans and advances, including Islamic financing receivables, increased by 1.0% to Ro9.854bn as of March 31, 2024, compared to

Ro9.762bn recorded a year ago.

The bank's customer deposits, including Islamic customer deposits, increased by 8.4% to Ro9.75bn compared to Ro8.992bn as of March 31, 2023.

Bank Muscat stated that its full results for the first quarter of 2024, along with the complete set of unaudited financial statements, will be released following the approval of the Board of Directors at its meeting scheduled later in April 2024.

Bank’s net interest income from conventional banking and net income from Islamic financing rose 4.1% to Ro95.45mn in Q1 2024 compared to Ro91.71mn for the same period in 2023