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BankMuscat Q1 net profit rises 20 per cent to RO 33.4 million

MUSCAT, 16 April 2012 - BankMuscat, the flagship financial services provider in the Sultanate, posted net profit of RO 33.4 million for the three months ended 31 March 2012 compared to RO 27.8 million reported during the same period in 2011, an increase of 20 per cent. Key highlights of the Q1 2012 preliminary results are as follows:

 

  1. Net interest income at RO 54.4 million in Q1-12 compared to RO 53.7 million in Q1-11, an increase of 1.2 per cent. There was a one-off income in Q1-11 net interest income and hence the year on year comparison shows only a marginal increase. But for the one-off income, the net interest income would have increased by 13 per cent.
  2. Non-interest income at RO 24.6 million was higher by 8.8 per cent compared to RO 22.6 million for the three-month ended 31 March 2011.
  3. Operating expenses for the three-month period ended 31 March 2012 at RO 33.5 million increased marginally by 6.5 per cent as compared to the same period in 2011. Increase in operating expenses is mainly attributable to increase in manpower cost.
  4. Impairment for credit losses for the three-month period in 2012 was RO 12.5 million as against RO 13.1 million for the same period in 2011.
  5. Net Loans and advances increased by 24.7 per cent to RO 4,988 million as against RO 3,999 million as at 31 March 2011.
  6. Customer deposits, including CDs, increased by 33.5 per cent to RO 5,055 million as against RO 3,787 million as at 31 March 2011. The increase in customer deposits was driven by a mix of both savings and term deposits.

     

    Amounts in RO million
Key figuresQ1-2012Q1-2011
Net interest income54.453.7
Other operating income24.622.6
Operating expenses33.531.5
Operating profit45.544.8
Net profit33.427.8

 

The Q1 results are subject to approval of the Board of Directors. The Bank will release the final results for Q1 2012 along with complete set of financial statements after approval of the Board of Directors at its meeting scheduled later this month.