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bank muscat Q3 net profit rises 20 per cent to RO 104.19 million

MUSCAT, 15 October 2012 - bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended 30 September 2012. The bank posted a net profit of RO 104.19 million for the period compared to RO 87.13 million reported during the same period in 2011, an increase of around 20 per cent.

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

1)             Net interest income at RO 168.28 million for the nine months of 2012 compared to RO 159.91 million for the same period of 2011, an increase of 5.2 per cent. Excluding a one-off positive impact in the net interest income in the 9-month period in 2011, the same would have increased by 9.3 per cent.

2)             Non-interest income at RO 67.43 million was higher by about 11 per cent compared to RO 60.77 million for the nine months ended 30 September 2011.

3)             Operating expenses for the nine-month period ended 30 September 2012 at RO 98.93 million as compared to RO 90.79 for the same period in 2011, led to an increase of 9 percent. Increase in operating expenses is mainly attributable to increase in manpower cost.

4)             Impairment for credit losses for the nine-month period in 2012 was RO 40.87 million as against RO 40.95 million for the same period in 2011.

5)             Net Loans and advances increased by 18 per cent to RO 5,359 million as against RO 4,537 million as at 30 September 2011.

6)            Customer deposits, including CDs, increased by 5 per cent to RO 4,955 million as against RO 4,723 million as at 30 September 2011. The increase was largely driven by demand and saving deposits.

Key figures​Sep - 2012 (millions)​Sep - 2011 (millions)
Net interest income​168.28​159.91
​Other operating income​67.43​60.77
​Operating expenses​98.93​90.79
​Operating profit​136.78​129.89
​Net profit​104.19​87.13