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Bank Muscat posts RO 89.7 million net profit, Board approves H1 results

​MUSCAT, 28 July 2018

Bank Muscat, the flagship financial institution in the Sultanate,
has announced the 2018 H1 financial results approved by the Board of Directors. The bank posted a net profit of RO 89.7 million for the six months ended 30 June 2018 compared to RO 84.31 million reported during the same period in 2017, an increase of 6.4 per cent.

Shaikh Khalid bin Mustahail Al Mashani, Chairman of Bank Muscat, said: “Reflecting innovative strategies to face challenges and seize opportunities, the key business lines of the bank sustained performance during the period.”

Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 144.94 million for the six months period ended 30 June 2018 compared to RO 138.0 million for the same period in 2017, an increase of 5.0 per cent.

Non-interest income was RO 71.98 million for the six months period ended 30 June 2018 as compared to RO 68.57 million for the same period in 2017, an increase of 5.0 per cent.

Operating expenses for the six months period ended 30 June 2018 was RO 93.47 million as compared to RO 89.36 million for the same period in 2017, an increase of 4.6 per cent.
Impairment for credit losses for the six months period in 2018 was RO 36.18 million as against RO 35.44 million for the same period in 2017.

Net Loans and advances, including Islamic financing receivables, increased by 5.6 per cent to RO 8,542 million as against RO 8,092 million as at 30th June 2017. Customer deposits, including Islamic customer deposits, increased by 2.9 per cent to RO 7,693 million as against RO 7,477 million as at 30th June 2017.