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bank muscat announces preliminary results for the nine months ended 30th September 2018

MUSCAT, 14 October, 2018

bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended 30th September 2018.  The bank posted a net profit of RO 134.74 million for the period compared to RO 130.26 million reported during the same period in 2017, an increase of 3.4 per cent.

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

1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 224.17 million for the nine months period ended 30 September 2018 compared to RO 209.02 million for the same period in 2017, an increase of 7.2 per cent.

2) Non-interest income was RO 105.24 million for the nine months period ended 30 September 2018 as compared to RO 104.55 million for the same period in 2017, a marginal increase of 0.7 per cent.

3) Operating expenses for the nine months period ended 30 September 2018 was RO 141.72 million as compared to RO 134.43 million for the same period in 2017, an increase of 5.4 per cent.

4) Impairment for credit losses for the nine months period in 2018 was RO 55.41 million as against RO 53.01 million for the same period in 2017.

5)   Net Loans and advances including Islamic financing receivables increased by 8.0 per cent to RO 8,861 million as against RO 8,202 million as at 30th September 2017.

6) Customer deposits including Islamic Customer deposits increased by 2.8 per cent to RO 7,730 million as against RO 7,521 million as at 30th September 2017.

 

YTD September 2018 versus YTD September 2017

Particulars (RO millions)
For nine months ended 30 September

20182017Change (%)
Total net interest income and income from Islamic financing 224.17  209.02 7.2%
Other operating income 105.24  104.55 0.7%
Operating expenses 141.72  134.43 5.4%
Operating profit 187.69  179.14 4.8%
Net profit 134.74  130.26 3.4%

Particulars (RO millions)
As at 30 September

30 Sept. 2018

30 Sept. 2017

Change (%)
Net loans and Islamic financing 8,861  8,202 8.0%
  • Conventional loans and advances
 7,768  7,259 7.0%
  • Islamic financing receivables
 1,093  943 15.9%
Customer deposits and Islamic deposits 7,730  7,521 2.8%
  • Conventional customer deposits
 6,777  6,591 2.8%
  • Islamic customer deposits
 953  930 2.5%


The full results for the nine months period ended 30th September 2018 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 October 2018.