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Bank Muscat Q2 net profit rises by 6.4% to RO 89.7 million

​MUSCAT, 15 July 2018

Bank Muscat, the flagship financial institution in the Sultanate, 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.

 

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

 

  1. Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 144.94 million for the 6-month period ended 30 June 2018 compared to RO 138.0 million for the same period in 2017, an increase of 5.0 per cent.

     
  2. Non-interest income was RO 71.95 million for the six months in 2018 as compared to RO 68.57 million for the same period in 2017, an increase of 4.9 per cent.

     
  3. Operating expenses for the 6-month period 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.

     
  4. Impairment for credit losses for the six months in 2018 was RO 36.18 million as against RO 35.44 million for the same period in 2017.

     
  5. Net Loans and advances, including Islamic financing receivables, increased by 5.6 per cent to RO 8,543 million as against RO 8,092 million as at 30 June 2017.

 

  1. Customer deposits, including Islamic Customer deposits, increased by 2.8 per cent to RO 7,688 million as against RO 7,477 million as at 30 June 2017.

     

     

    YTD June 2018 versus YTD June 2017

Particulars (RO millions)

 

For six months ended 30 June

20182017Change (%)
Total net interest income and income from Islamic financing 144.94  138.00 5.0%
Other operating income 71.95  68.57 4.9%
Operating expenses 93.47  89.36 4.6%
Operating profit 123.42  117.21 5.3%
Net profit 89.70  84.31 6.4%

 Particulars (RO millions)

As at

30 June

2018

30 June

2017

Change (%)
Net loans and Islamic financing 8,543  8,092 5.6%
  • Conventional loans and advances
 7,481  7,177 4.2%
  • Islamic financing receivables
 1,062  915 16.1%
Customer deposits and Islamic deposits 7,688  7,477 2.8%
  • Conventional customer deposits
 6,691  6,571 1.8%
  • Islamic customer deposits
 997  906 10.0%

      

The full results for the 6-month period along with complete set of unaudited financial statements will be released post approval of the Board of Directors of the Bank at its meeting scheduled later during July 2018.