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Bank Muscat Q1 net profit rises by 8.9 per cent to RO 43.30 million

MUSCAT, 14 April 2015 - Bank Muscat, the flagship financial institution in the Sultanate, posted a net profit of RO 43.30 million for the 3-month period ending 31 March 2015 compared to RO 39.76 million reported during the same period in 2014, an increase of 8.9 per cent.

The key highlights of the Q1 preliminary results are as follows:

1)   Net interest income from conventional banking and income from Islamic financing stood at RO 61.56 million for the first three months of 2015 compared to RO 59.15 million for the same period of 2014, an increase of 4.1 per cent.

  1. Non-interest income at RO 36.17 million was higher by 20.1 per cent compared to RO 30.12 million for the three months ended 31 March 2014.
  2. Operating expenses for the three-month period of 2015 stood at RO 41.95 million as compared to RO 39.24 for the same period in 2014, an increase of 6.9 per cent.
  3. Impairment for credit losses for the three-month period in 2015 was RO 12.84 million as against RO 10.21 million for the same period in 2014. Recoveries from impairment for credit loss was RO 7.22 million for the three-month period of 2015 as against RO 7.02 million for the same period in 2014. Share of income from associates for the three-month period in 2015 was RO 477,000 as against RO 271,000 for the same period in 2014.
  4. Net loans and advances increased by 8.5 per cent to RO 6,472 million as against RO 5,968 million as at 31 March 2014.
  5. Customer deposits, including CDs, increased by 6.7 per cent to RO 6,519 million as against RO 6,112 million as at 31 March 2014.
  6. Islamic financing receivables amounted to RO 432 million as at 31 March 2015 compared to RO 316 million in the same period of 2014. Islamic banking customer deposits amounted to RO 308 million as at 31 March 2015 compared to RO 110 million reported in the same period of 2014.

            YTD March 2015 versus YTD March 2014
Key figures for the preliminary results

3 months ended Mar 2015

(millions)

3 months ended Mar 2014

(millions)

Change

(%)

Net interest income and Income from Islamic Financing61.5659.154.1%
Other operating income36.1730.1220.1%
Operating expenses41.9539.246.9%
Operating profit55.7850.0311.5%
Net profit43.3039.768.9%
Net Loans and advances and Islamic Finance portfolio6,9046,2849.9%
Customer deposits & Islamic Deposits6,8276,2229.7%

 

      Q1 2015 versus Q4 2014

Key figures for the preliminary results

3 months ended Mar 2015

(millions)

3 months ended Dec 2014

(millions)

Change

(%)

Net interest income and Income from Islamic Financing61.5660.891.1%
Other operating income36.1735.372.3%
Operating expenses41.9540.344.0%
Operating profit55.7855.92(0.3)%
Net profit43.3036.5018.6%
Net Loans and advances and Islamic Finance portfolio6,9046,7542.2%
Customer deposits& Islamic Deposits6,8276,6283.0%

The full results of the three-month period ended 31 March 2015 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 April 2015.