Bank Muscat, announced its preliminary unaudited results for the six months ended 30^th June 2023. The bank posted a net profit of RO104.32 million for the period compared to RO99.26 million reported during the same period in 2022, an increase of 5.1 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 RO184.71mn for the six months period of 2023 compared to RO 166.25 million for the same period in 2022, an increase of 11.1 per cent.
• Non-interest income was RO66.48 million for the six months period ended 30^th June, 2023 as compared to RO71.04 million for the same period in 2022. Non-interest income for the previous comparative period included a one-time gain from sale of investments of RO7.9 million. Excluding this, non-interest income has witnessed an increase of 5.3 per cent.
• Operating expenses for the six months period was RO97.44 million as compared to RO92.30 million for the same period in 2022, an increase of 5.6 per cent.
• Net impairment for credit and other losses for the period was RO30.11 million as against RO28.40 million for the same period in 2022.
• Net loans and advances including Islamic financing receivables increased by 9.7 per cent to RO9,878 million as against RO9,002 million as at 30 June 2022.
• Customer deposits including Islamic customer deposits increased by 2.8 per cent to RO9,083 million as against RO 8,834 million as at 30^th June 2022.

The full results for the six months period ended 30^th June 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 July 2023. Bank Muscat had posted a net profit of RO200.75 million for financial year 2022.