Bank Muscat announces preliminary results for 9 months ended 30 September 2013
YTD Net Profit at RO 102.51 million
MUSCAT, 9 October 2012: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended 30 September 2013. The bank posted a net profit of RO 102.51 million for the period compared to RO 104.19 million reported during the same period in 2012. An exceptional operating loss provision of RO 15 million relating to the Prepaid Travel Card fraud incident (as disclosed to the market on 25 February2013 and 26 February2013) was considered in Q1 2013. The bank is working on various channels to recover the loss arising from this exposure and will update the market on any material developments in this regard.
The key highlights of the results for the period are as follows:
The full results of the nine-month period ended 30 September 2013 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 October 2013.