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BankMuscat Q1 Net Profit at RO 19.1 million
Profits Rise by 43.8% During the First Quarter
of the Year
Muscat, April 28, 2007: BankMuscat (SAOG),
the nation’s largest bank, has achieved a net
profit of RO 19.1 million for the period ended
March 31, 2007 as against a net profit of RO
13.3 million reported during the same period in
2006, thus recording an impressive growth of
43.8%.
Net interest income increased by 30% to RO. 28.2
million during the first quarter of 2007 from RO
21.7 million reported during the corresponding
period in 2006, mainly driven by asset growth.
Non-interest income has grown by 22.9% to RO 9.7
million for the first quarter of 2007 as
compared to RO 7.9 million of the same period in
2006. Operating expenses have increased by 23.5%
in the first quarter of 2007 as compared to the
same period in 2006 mainly due to increase in
manpower and other administrative costs as a
result of increased business activities and
expansion of business lines. However, cost to
income ratio reduced to 39.2% during the first
quarter of 2007 as against 40.6% during the
first quarter of 2006.
Impairment for credit and other losses was RO
4.1 million for the first quarter of 2007 as
compared to RO 4.0 million during the
corresponding period in 2006.
The basic earnings per share on an annualized
basis works out to 83 baizas for every 100 baiza
share of the Bank.
The Bank’s net Loans and Advances of RO 2,035
million as of March 31, 2007 has grown by 37.7%
as compared to the position as of March 31,
2006. Customer deposits grew by RO 602 million
or 41.8% from RO 1,439 million as of March 31,
2006 to RO 2,040 million as of March 31, 2007.
Savings deposits have registered an impressive
growth of RO 108 million or 30.8% from RO 351
million as of March 31, 2006 to RO 460 million
as of March 31, 2007. |
