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bank muscat announces preliminary results for the six months ended 30th June 2016 YTD Net Profit at RO 90 .47 million

MUSCAT, 13 July, 2016: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the six months ended 30th June 2016. The Bank posted net profit of RO 90.47 million for the period compared to RO 89.82 million reported during the same period in 2015, an increase of 0.7 per cent.

The key highlights of the results for the period are as follows:

  1. Net interest income from conventional banking stood at RO 124.42 million for the six months of 2016 compared to RO 115.45 million for the same period of 2015, an increase of 7.8 per cent. Net income from Islamic financing was RO 11.76 million for the six months of 2016 compared to RO 9.21 million for the same period of 2015, an increase of 27.7 per cent.
  2. Non-interest income at RO 74.58 million for the six month period ended 30th June 2016 was lower by 1.2 per cent compared to RO 75.51 million for the same period in 2015.
  3. Operating expenses for the six month period ended 30th June 2016 was RO 86.12 million as compared to RO 84.13 million for the same period in 2015, an increase of 2.4 per cent.
  4. Impairment for credit losses for the six month period in 2016 was RO 32.72 million as against RO 27.60 million for the same period in 2015. Recoveries from impairment for credit losses was RO 15.66 million for the six month period of 2016 as against RO 16.49 million for the same period in 2015. Share of income from an associate for the six months period in 2016 was RO 481 thousands against RO 1.07 million for the same period in 2015.
  5. Net Loans and advances increased by 7.1 per cent to RO 6,848 million as against RO 6,392 million as at 30th June 2015.
  6. Customer deposits decreased by 0.1 per cent to RO 6,908 million as against RO 6,914 million as at 30th June 2015.
  7. Islamic financing receivables amounted to RO 749 million as of 30th June 2016 compared to RO 465 million in the same period of 2015. Islamic customer deposits amounted to RO 733 million as of 30th June 2016 compared to RO 510 million reported in 30th June 2015.

            YTD June 2016 versus YTD June 2015
Key figures for the preliminary results

6 months ended June 2016

RO (millions)

6 months ended    June 2015

RO (millions)

Change

(%)

Net interest income 124.42115.457.8%
Income from Islamic financing11.769.2127.7%
Total net interest income and income from Islamic financing136.18124.669.2%
Other operating income74.5875.51-1.2%
Operating expenses86.1284.132.4%
Operating profit124.64116.047.4%
Net profit90.4789.820.7%
Net loans and advances 6,8486,3927.1%
Net Islamic financing74946561.1%
Total net loans and Islamic financing7,5976,85710.8%
Customer deposits6,9086,914-0.1%
Islamic deposits73351043.7%
Total customer deposits and Islamic deposits7,6417,4242.9%

The full results of the six-month period ended 30th June 2016 along with complete set of financial statements, will be released after the approval of the Board of Directors of the Bank at its meeting scheduled later during July 2016.