Bank Muscat reported a net profit of RO225.58mn for the year ended December 31, 2024, recording a year-on-year growth of 6.2% compared to the RO212.45mn net profit reported in the previous year.

The Sultanate’s largest financial institution announced its preliminary unaudited results for 2024 on Wednesday.

Bank Muscat’s net interest income from conventional banking and net income from Islamic financing rose by 6.1% to RO397.7mn in 2024, compared to RO374.82mn in 2023. Non-interest income amounted to RO145mn, compared to RO138mn for the same period in 2023, marking an increase of 5.1%.

The bank’s operating expenses for the year ended December 31, 2024 totalled RO209.26mn, compared to RO196.39mn for the same period in 2023, an increase of 6.6%.

Net impairment losses on financial assets for 2024 slightly decreased to RO64.41mn, down from RO64.66mn in 2023.

Bank Muscat’s total assets increased by 2.7% to RO14.04bn as of December 31, 2024, compared to RO13.673bn a year earlier. The bank’s net loans and advances, including Islamic financing receivables, grew by 3.7% to RO10.247bn as of December 31, 2024, up from RO9.877bn a year ago.

Customer deposits, including Islamic customer deposits, rose by 3.6% to RO9.777bn as of December 31, 2024, compared to RO9.438bn a year earlier.

The full results for the year 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 January 2025.

A United Securities analysis of the results states, ‘The bank reported an EPS of 27bz and book value of 258bz, while maintaining an ROE of 10.4%. We expect a dividend of 17.5bz, translating to a yield of 6.8%. The stock currently trades at par with book value and 9.5x earnings, presenting an attractive valuation given the bank’s stable performance.’