Bank Muscat, the flagship financial institution in the Sultanate, on Wednesday (28 October 2015) announced the Q3 financial results, approved by the board of directors. The bank posted a net profit of RO 136.2 million for the 9-month period ending 30 September 2015 compared to RO 126.7 million reported during the same period in 2014, an increase of 7.5 per cent.
Shaikh Khalid bin Mustahail Al Mashani, Chairman of Bank Muscat, said: “The key business lines of the bank maintained performance momentum during the period in question. Going forward, the bank will continue its prudent policies and align growth according to market conditions, which pose a challenging situation.”
The bank’s net interest income from conventional banking stood at RO 176.0 million for the nine months of 2015 compared to RO 170.3 million for the same period of 2014, an increase of 3.3 per cent. Net income from Islamic financing was RO 13.7 million for the nine months of 2015 compared to RO 12.4 million for the same period of 2014, an increase of RO 10.2 per cent.
Non-interest income at RO 112.9 million was higher by 8.4 per cent compared to RO 104.1 million for the nine months ended 30th September 2014.
Operating expenses for the nine month period ended 30 September 2015 stood at RO 126.0 million as compared to RO 117.6 million for the same period in 2014, an increase of 7.2 per cent. Impairment for credit losses for the nine month period in 2015 was RO 42.7 million as against RO 40.7 million for the same period in 2014.
Recoveries from impairment for credit loss was RO 25.5 million for the nine month period of 2015 as against RO 19.6 million for the same period in 2014. Share of income from associates for the nine month period in 2015 was RO 1.9 million against RO 896,000 for the same period in 2014.
Net loans and advances from the conventional operation increased by 8.7 per cent to RO 6,566 million as against RO 6,042 million as at 30 September 2014. Customer deposits, including CDs from the conventional operations increased by 6.7 per cent to RO 6,778 million as against RO 6,351 million as at 30 September 2014.
Islamic financing receivables amounted to RO 482 million as of 30 September 2015 compared to RO 385 million in the same period of 2014. Islamic banking customer deposits amounted to RO 549 million as of 30 September 2015 compared to RO 231 million reported in the same period in 2014.