Bank Muscat posts RO84mn net profit for the first half

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Bank Muscat reported net profit of RO84.31mn for the first half of 2017, down from RO90.47mn for the same period in 2016.

The bank’s net interest income from conventional banking stood at RO125.63 million for the first six months of 2017, compared with RO124.42mn for the same period of 2016, reflecting an increase of 1 per cent. Net income from Islamic financing was RO12.4mn for the six months of 2017, compared with RO11.76mn for the same period of 2016, showing an increase of 5.4 per cent.

Bank Muscat’s non-interest income stood at RO68.57mn for the six-month period ended June 30, 2017, compared with RO74.58mn for the same period in 2016 due to a reduction in exchange income and other fees.

Also, operating expenses for the six-month period ended June 30, 2017 was RO89.36mn, up from RO86.06mn for the same period in 2016, an increase of 3.8 per cent.

The bank said its impairment for credit losses for the six-month period in 2017 was RO35.44mn as against RO32.72mn for the same period in 2016. Recoveries from impairment for credit losses were RO20.04mn for the six-month period of 2017, as against RO15.66mn for the same period in 2016.

Share of income from an associate for the six-month period in 2017 was RO1.16mn as against RO0.48mn for the same period in 2016.

Net loans and advances of Bank Muscat increased by 4.8 per cent to RO7,177mn million as against RO6,848mn as of June 30, 2016. However, customer deposits fell by 4.9 per cent to RO6,571mn, from RO6,908mn as of June 30, 2016.

Islamic financing receivables amounted to RO915mn by end-June 2017, compared with RO749mn in the same period of 2016. Islamic customer deposits were pegged at RO906mn as of June 30, 2017 compared with RO733mn, 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.


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