Bank Muscat, the Sultanate’s flagship financial institution, posted a net profit of OMR89.70 million for the six-month period ending June 30, 2018, an increase of 6.4 per cent from the OMR84.31 million reported during the same period in 2017.
The bank’s net interest income from conventional banking and Islamic financing stood at OMR144.94 million for the six-month period ending on June 30, 2018, compared to the OMR138.0 million recorded during the same period in 2017, representing an increase of 5 per cent.
Bank Muscat’s non-interest income rose 4.9 per cent, from OMR68.57 million in the first six months of 2017 to OMR71.95 million for the same period in 2018.
Its operating expenses for the six-month period in 2018 stood at OMR93.47million, a 4.6 per cent increase from OMR89.36 million for the same period in 2017.
Meanwhile, the bank’s impairment for credit losses for the same six-month period in 2018 reached OMR36.18 million, as against OMR35.44 million for the same period in 2017.
Net loans and advances, including Islamic financing receivables, increased by 5.6 per cent to OMR8,543 million in the first six months of 2018, compared to OMR8,092 million in 2017.
Customer deposits, including Islamic customer deposits, increased by 2.8 per cent to OMR7,688 million in 2018 from OMR7,477 million during the same period in 2017.
The bank’s full results for the six-month period, along with the complete set of unaudited financial statements, will be released subject to the approval of the bank’s Board of Directors, who will meet in July.
-Times of Oman