Bank Muscat has released its preliminary results for three months ending 31 March 2018.
The bank posted a net profit of OMR44.81 million for the period up from OMR44.23 million reported during the same period in 2017, an increase of 1.3 per cent.
The bank’s net interest income from conventional banking and income from Islamic financing stood at OMR71.84 million for the three-month period ending March 2018, compared to OMR69.47 million for the same period in 2017, an increase of 3.4 per cent, according to the Times of Oman.
Non-interest income of the bank was OMR35.36 million for the three-month period ending on 31 March 2018, as compared to OMR36.99 million for the same period in 2017, a decrease of 4.4 per cent.
Meanwhile, the bank’s operating expenses for the three-month period ending March 2018 were OMR47.77 million as compared to OMR44.52 million for the same period in 2017, up 7.3 per cent.
Bank Muscat’s impairment for credit losses for the three-month period in 2018 was OMR15.45 million against OMR18.34 million for the same period in 2017. Recoveries from impairment for credit loss were OMR9.89 million for the three-month period in 2018 as against OMR8.84 million for the same period in 2017.
The Times of Oman added that net loans and advances, including Islamic financing receivables, increased by 5.5 per cent to OMR8,445 million as against OMR8,004 million as of 31 March 2017, while the bank’s customer deposits, including Islamic customer deposits, were up 0.5 per cent to OMR7,631 million from OMR7,593 million as of 31 March 2017.
The full results for the three-month period ending 31 March 2018 will be released post approval of the bank’s Board of Directors at a meeting scheduled for April 2018.