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Bank Muscat Posts Net Profit Of RO51.30mn For Q1 2023

Bank Muscat, the flagship financial institution in the Sultanate of Oman, has announced its preliminary unaudited results for the three months ended 31 March 2023.

The Bank posted a net profit of RO51.30mn for the period compared to RO48.26mn reported during the same period in 2022, an increase of 6.3 per cent.

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

  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO91.71mn for the three months period ended 31 March 2023 compared to RO82.08mn for the same period in 2022, an increase of 11.7 per cent.
  • Non-interest income was RO31.50mn for the three months period ended 31 March 2023 as compared to RO31.83mn for the same period in 2022.
  • Operating expenses for the three months period ended 31 March 2023 was RO48.70mn as compared to RO45.76mn for the same period in 2022, an increase of 6.4 per cent.
  • Net Impairment for credit and other losses for the three months period ended 31 March 2023 was RO13.69mn as against RO12mn for the same period in 2022.
  • Net Loans and advances including Islamic financing receivables increased by 8.4 per cent to RO9,765mn as against RO9,009mn as of 31 March 2022.
  • Customer deposits, including Islamic Customer deposits, increased by 1.6 per cent to RO8,992mn against RO8,853mn as of 31 March 2022.

Key highlights of preliminary unaudited results

Particulars (RO millions)

For the period ended

31 Mar

2023

 31 Mar

2022

 Change (%)
Net interest income & Islamic financing income  91.71  82.08 11.7%
Other operating income  31.50  31.83 -1.0%
Operating expenses  48.70  45.76 6.4%
Operating profit  74.51  68.15 9.3%
Net profit  51.30  48.26 6.3%
 Particulars (RO millions) as at 31 Mar

2023

 31 Mar

2022

 Change (%)
Total Assets  13,079  12,806 2.1%
Net loans and Islamic financing  9,765  9,009 8.4%
–       Conventional loans and advances  8,292  7,635 8.6%
–       Islamic financing receivables  1,473  1,374 7.2%
Customer deposits and Islamic deposits  8,992  8,853 1.6%
–       Conventional customer deposits  7,780  7,657 1.6%
–       Islamic customer deposits  1,212  1,196 1.3%
Total Equity*  2,173  2,091 3.9% 

* Total equity includes Perpetual Tier I capital of RO 505 million (2022: RO 130 million).

The full results for the three-month period ended 31 March 2023 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during April 2023.

Published

2 years ago

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