Muscat – Bank Muscat, the largest financial institution in Oman, posted a net profit of RO148.29mn for the first nine months of this year compared to RO140.16mn reported during the same period of 2021, recording an year-on-year increase of 5.8 per cent.

The bank on Thursday announced its preliminary unaudited financial results for the nine months ended September 30, 2022.

Net interest income from conventional banking and net income from Islamic financing stood at RO254.93mn for the January – September period of 2022 compared to RO252.48mn for the same period in 2021, an increase of 1.0 per cent.

Bank Muscat in a press statement said that its non-interest income rose to RO117.1mn for the nine months period ended September 30, 2022 from RO105.85mn in the same period a year ago, mainly due to higher income from sale of investments.

The bank’s operating expenses for the first nine months of 2022 stood at RO156.18mn as compared to RO144.33mn for the same period in 2021, an increase of 8.2 per cent.

Net impairment for credit and other losses for the nine months period decreased to RO41.58mn in 2022 as against RO46.77mn for the same period of 2021. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during 2021, Bank Muscat said.

The bank’s net loans and advances (including Islamic financing receivables) marginally increased by 0.8 per cent to RO9.229bn as of September 30, 2022 compared to RO9.158bn a year ago.

Customer deposits (including Islamic customer deposits) increased marginally to RO8.709bn as of September 30, 2022 as against RO8.698bn a year ago.

Bank Muscat said its full results for the nine months period ended September 30, 2022 along with the complete set of unaudited financial statements will be released following the approval of the board of directors at its meeting scheduled later during October.