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Thursday, October 19th, 2017

Bank Muscat posts OMR84 million net profit for the first half of 2017

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Muscat (IINA) – Bank Muscat, the leading financial institution in the Sultanate of Oman, reported a net profit of 84.31 million Omani rial ($218.8 million) for the first half of 2017, down from OMR90.47 million for the same period last year.

The bank’s net interest income from conventional banking stood at OMR125.63 million for the first six months, compared with OMR124.42 million for the same period of 2016, reflecting an increase of 1 percent. Net income from Islamic financing was OMR12.4 million for the six months of 2017, compared with OMR11.76 million for the same period of 2016, showing an increase of 5.4 percent.

Bank Muscat’s non-interest income stood at OMR68.57 million for the six-month period ended June 30, 2017, compared with OMR74.58 million for the same period in 2016 due to a reduction in exchange income and other fees, Times of Oman newspaper reported.

Also, operating expenses for the six-month period ended June 30, 2017, was OMR89.36 million, up from OMR86.06 million for the same period in 2016, an increase of 3.8 percent.

The bank said its impairment for credit losses for the six-month period in 2017 was OMR35.44 million as against OMR32.72 million for the same period in 2016. Recoveries from impairment for credit losses were OMR20.04 million for the six-month period of 2017, as against OMR15.66 million for the same period in 2016.

Share of income from an associate for the six-month period in 2017 was OMR1.16 million as against OMR0.48 million for the same period in 2016.

Net loans and advances of Bank Muscat increased by 4.8 percent to OMR7,177 million as against OMR6,848 million as of June 30, 2016. However, customer deposits fell by 4.9 percent to OMR6,571 million, from OMR6,908 million as of June 30, 2016.

Islamic financing receivables amounted to OMR915 million by End-June 2017, compared with OMR749 million in the same period of 2016. Islamic customer deposits were pegged at OMR906 million as of June 30, 2017, compared with OMR733 million reported for the same period in 2016.

The first half results, along with complete set of unaudited financial statements, will be released after the approval of the Board of Directors of the bank at its meeting scheduled later during July 2017.

Source: International Islamic News Agency

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