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BankMuscat Q3 Net Profit at RO 62.6 million
Profits Rise by 40.7% During the Third Quarter
of the Year
Muscat,
21 October 2007: The Bank achieved a net
profit of RO 62.6 million for the nine months
ended Sep 30, 2007 as against a net profit of RO
44.5 million reported during the same period in
2006, thus recording an impressive growth of
40.7%.
Net interest income increased by 23.8% to RO
90.5 million during the nine months ended Sep
30, 2007 from RO 73.1 million reported during
the corresponding period in 2006, mainly driven
by asset growth. Non-interest income had an
impressive growth of 57.5% to reach RO 34.5
million for the nine months period ended Sep 30,
2007 as compared to RO 21.9 million of the same
period in 2006. Operating expenses have
increased by 29.9% during the nine months ended
Sep 30, 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, expansion of
business lines and expansion of infrastructure.
However, cost to income ratio reduced to 39.4%
during the nine months of 2007 as against 39.9%
during the same period in 2006.
Impairment for credit losses was RO 11.9 million
for the nine months period ended Sep 30, 2007 as
compared to RO 13.8 million during the
corresponding period in 2006. Share of profit
from associates have increased from RO 3.3
million for the nine months ended Sep 30, 2006
to RO 4.1 million during the same period in 2007
due to better performance of associates and
contribution from Mangal Keshav Holdings, India
where the Bank has taken a strategic stake of
43% in April 2007.
The basic earnings per share on an annualized
basis works out to 91 baizas for every 100-baiza
share of the Bank.
The Bank’s net Loans and Advances of RO 2,361
million as of Sep 30, 2007 has grown by 39.1% as
compared to the position as of Sep 30, 2006.
Customer deposits have also seen a growth of
34.8% from RO 1,688 million as of Sep 30, 2006
to RO 2,276 million as of Sep 30, 2007. Savings
deposits have registered an impressive growth of
RO 165 million or 44.3% from RO 372 million as
of Sep 30, 2006 to RO 537 million as of Sep 30,
2007. |
