Bank Muscat posts OMR137m net profit

Muscat: Bank Muscat, the leading financial institution in the Sultanate, posted a net profit of OMR136.91 million for the nine months ended September, 2016 compared to OMR136.23 million reported during the same period in 2015.
Net interest income from conventional banking stood at OMR187.95 million for the nine months of 2016 compared to OMR176 million for the same period of 2015, an increase of 6.8 per cent. Net income from Islamic finance was OMR17.78 million for the nine months of 2016 compared to OMR13.68 million for the same period of 2015, an increase of 30.0 per cent.
Non-interest income was OMR108.47 million for the nine month period ended September, 2016 compared to OMR112.87 million for the same period in 2015. Operating expenses for the nine month period of this year was OMR129.02 million as compared to OMR126 million for the same period in 2015, an increase of 2.4 per cent.
Impairment for credit losses for the nine month period in 2016 was RO 46.96 million as against RO 42.74 million for the same period in 2015. Recoveries from impairment for credit losses was RO 22.69 million for the nine month period of 2016 as against RO 25.54 million for the same period in 2015.
Also, share of income from an associate for the nine months period in 2016 was OMR1.09 million as against OMR1.85 million for the same period in 2015.
Net loans and advances increased by 7.1 per cent to OMR7,032 million as against OMR6,566 million as at September 30, 2015. Customer deposits increased by 0.8 per cent to OMR6,831 million as against OMR6,778 million as at September 30, 2015.
Islamic financing receivables amounted to OMR782 million as of September 30, 2016 compared to OMR482 million in the same period of 2015. Islamic customer deposits amounted to OMR746 million as of September 30, 2016 compared to OMR549 million reported for the same period in 2015.
The full results of the first nine months of 2016 along with complete set of unaudited financial statement, will be released after the approval of the board of directors of the bank at its meeting scheduled later during October 2016.