Muscat – Bank Muscat, the largest financial institution in Oman, has reported a net profit of RO200.75mn for the full year 2022 compared to RO189.63mn reported in 2021, recording an increase of 5.9 per cent.

The bank on Sunday announced its preliminary unaudited results for the year ended December 31, 2022.

Its net interest income from conventional banking and net income from Islamic financing increased by 2.8 per cent to RO 344.86mn in 2022 compared to RO335.54mn for the full year 2021.

Non-interest income grew at a higher pace to RO157.96mn for the year ended December 31, 2022 as compared to RO139.94mn in the previous year, mainly due to higher income from sale of investments, the bank said in a press statement.

Bank Muscat’s operating expenses for 2022 came at RO207.30mn as compared to RO191.46mn in 2021, an increase of 8.3 per cent.

Net impairment for credit and other losses for the year ended December 31, 2022 was RO59.94mn as against RO60.22mn for the same period in 2021.

Bank Muscat’s net loans and advances including Islamic financing receivables increased by 2.4 per cent to RO9.414bn as against RO9.191bn as at December 31, 2021.

Customer deposits including Islamic customer deposits decreased by 1.5 per cent to RO8.647mn as against RO8.775mn as at December 31, 2021.

Bank Muscat said its full results for the year ended December 31, 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 this month.