Bank Muscat posts RO45mn Q1 net profit

Muscat - 

Bank Muscat reported a net profit of RO44.81mn for the three months period ended March 31, 2018 compared to RO44.23mn net profit reported for the same period of 2017, a year-on-year increase of 1.3 per cent.

The bank’s net interest income from conventional banking and income from Islamic financing rose 3.4 per cent to RO71.84mn in the first quarter of 2018 compared to RO69.47mn for the same period of the previous year, according to a press release.

Non-interest income came at RO35.36mn as compared to RO36.99mn for the same period in 2017, a decrease of 4.4 per cent.

Bank Muscat reported a 5.5 per cent year-on-year growth in net loans and advances (including Islamic financing receivables) to RO8.44bn as at March 31, 2018 compared to RO8bn a year ago. Its customer deposits (including Islamic customer deposits) increased 0.5 per cent to RO7.63bn as against RO7.59bn a year ago.

Operating expenses for the first quarter of 2018 increased 7.3 per cent to RO47.77mn compared to RO44.52mn for the same period in 2017.

The bank’s impairment for credit losses was RO15.45mn as against RO18.34mn for the same period in 2017. Recoveries from impairment for credit loss was RO9.89mn for the three-month period in 2018 as against RO8.84mn for the same period in 2017.
Bank Muscat said the full results for the first quarter of 2018 along with complete set of unaudited financial statements will be released post approval of the board of directors of the bank at its meeting scheduled later during April.

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