7 days ago
Bank Muscat posts net profit of RO125.82mn
Muscat – Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its preliminary unaudited results for the six months ending on June 30.
The bank posted a net profit of RO125.82mn for the period compared to RO 112.12mn reported during the same period in 2024, an increase of 12.2%.
According to the report, net interest income from conventional banking and net income from Islamic financing stood at RO206.44mn for the six-month period ended June 30 compared to RO190.63mn for the same period in 2024, an increase of 8.3%.
Non-interest income was RO81.83mn for the six-month period ended June 30 as compared to RO75.27mn for the same period in 2024, an increase of 8.7% mainly due to growth in business volumes and higher investment income.
Operating expenses for the same six-month period was RO108.08mn as compared to RO102.13mn for the same period in 2024, an increase of 5.8%.
Net impairment losses on financial assets for the same period was RO30.16mn as against RO29.96mn for the same period in 2024.
Net loans and advances including Islamic financing receivables increased by 5.1% to RO10,727mn as against RO10,208mn as on for the first six months of last year.
Customer deposits including Islamic Customer deposits increased by 3.3% to RO9,879mn as against RO9,563mn as on June 30, 2024.
While releasing the report, the bank stated that the full results for those six-months along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the bank at its meeting scheduled later this month.
