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Bank Muscat posts RO212mn net profit for 2023

14 Jan 2024 By OUR CORRESPONDENT

Muscat – Bank Muscat, the flagship financial institution in Oman, announced its preliminary unaudited results for the year ended December 31, 2023, on Sunday. The bank posted a net profit of RO212.45mn for the full year, compared to RO200.75mn reported during the same period in 2022, reflecting an increase of 5.8%.

Bank Muscat’s net interest income from conventional banking and net income from Islamic financing stood at RO374.82mn for the year ended December 31, 2023, compared to RO344.86mn for the same period in 2022, indicating an increase of 8.7%.

Non-interest income was RO138mn for the year ended December 31, 2023, compared to RO135.18mn for the same period in 2022, showing an increase of 2.1%.

Operating expenses for the year ended December 31, 2023, rose to RO196.39mn compared to RO184.52mn for the same period in 2022, marking an increase of 6.4%.

Bank Muscat in a statement said that its net impairment for credit and other losses for the year ended December 31, 2023, was RO64.66mn, compared to RO59.94mn for the same period in 2022.

The bank’s net loans and advances, including Islamic financing receivables, increased by 4.9% to RO9.877bn at the end of 2023, compared to RO9.417bn as of December 31, 2022.

Customer deposits, including Islamic customer deposits, increased by 9.1% to RO9.438bn, compared to RO8.647bn as of December 31, 2022.

Bank Muscat mentioned that the full results for the year ended December 31, 2023, along with the complete set of unaudited financial statements, will be released following the approval of its board of directors at its meeting scheduled later this month.

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