Profit statements

Bank Muscat posts net profit of OMR 99.26 million

Muscat: Bank Muscat, the Sultanate’s flagship financial institution, has announced its preliminary unaudited results for the six months ended June 30, 2022.

The bank recorded a net profit of OMR 99.26 million for the period, compared to OMR 94.65 million reported during the same period in 2021, an increase of 4.9%.

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

Net interest income from conventional banking and net income from Islamic financing amounted to OMR 166.25 million for the six months ended June 30, 2022, compared to OMR 168.44 million for the same period in 2021, representing a down 1.3% due to higher interest charges.

Non-interest income was OMR 81.44 million for the six months ended 30 June 2022 compared to OMR 74.70 million for the same period in 2021, mainly due to higher income from the sale of investments.

Operating expenses for the six months ended June 30, 2022 amounted to OMR 102.71 million compared to OMR 95.12 million for the same period in 2021, an increase of 8.0%.
Net impairment for credit losses and other losses for the six months ended 30 June 2022 amounted to OMR 28.40 million compared to OMR 35.33 million for the same period in 2021. The decrease is mainly attributed to precautionary provisions and collectives formed by the bank during the first half of 2021, due to the current pandemic situation and the improvement in global crude oil prices.

Net loans and advances, including Islamic financing receivables, decreased by 2.5% to OMR 9,003 million from OMR 9,238 million as of June 30, 2021, due to some large repayments.

Customer deposits, including Islamic customer deposits, increased by 1.9% to reach 8,834 million OMR compared to 8,670 million OMR as of June 30, 2021.

Full results for the six months ended June 30, 2022 along with the full set of unaudited financial statements will be released following approval by the bank’s board of directors at its scheduled meeting later in July 2022.