Profit statements

Bank Muscat’s profit reaches RO148 million in the first nine months of 2022

Muscat – Bank Muscat, Oman’s largest financial institution, recorded a net profit of RO148.29 million for the first nine months of this year, compared to RO140.16 million reported in the same period of 2021, registering a year-on-year increase of 5.8 percent. hundred.

The bank on Thursday announced its preliminary unaudited financial results for the nine months ended September 30, 2022.

The net interest income of conventional banks and the net income of Islamic financing amounted to RO254.93 million for the period from January to September 2022, compared to RO252.48 million for the same period in 2021, i.e. an increase of 1.0%.

Bank Muscat, in a press release, said its non-interest income increased to RO117.1 million for the nine-month period ended September 30, 2022, from RO105.85 million for the same period. period a year ago, mainly due to higher income from the sale of investments.

The bank’s operating expenses for the first nine months of 2022 amounted to RO156.18 million compared to RO144.33 million for the same period in 2021, an increase of 8.2%.

Net impairment for credit and other losses for the nine-month period decreased to RO41.58 million in 2022 from RO46.77 million for the same period of 2021. The decrease is mainly attributed to precautionary and collective provisions created by the bank in 2021, Banque dit Muscate.

The bank’s net loans and advances (including Islamic financing claims) increased slightly by 0.8% to RO9.229 billion as of September 30, 2022, from RO9.158 billion a year ago.

Customer deposits (including Islamic customer deposits) increased slightly to RO8.709 billion as of September 30, 2022 from RO8.698 billion a year ago.

Bank Muscat said its full results for the nine-month period ended September 30, 2022 along with the full set of unaudited financial statements will be released following board approval at its scheduled meeting later in October. .