Bank Muscat posted a net profit of RO 158.88 million for the nine months ended September 30, 2023, compared to RO 148.29 million reported during the same period in 2022, an increase of 7.1 per cent.

Announcing its preliminary unaudited results for first nine months of the year, the lender reported that Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 280.98 million this year, up from RO 254.93 million for the same period in 2022, an increase of 10.2 per cent.

Non-interest income was RO 100.23 million, as compared to RO 100.69 million for the same period in 2022. Non-interest income for the previous comparative period included a one-time gain from the sale of investments of around RO 8 million. Excluding this, non-interest income has witnessed an increase of 8.1 per cent.

Operating expenses for the nine months period ended September 30, 2023 was RO 146.48 million as compared to RO 139.85 million for the same period in 2022, an increase of 4.7 per cent. Net Impairment for credit and other losses were RO 46.91 million, as against RO 41.58 million for the same period in 2022.

Net Loans and advances including Islamic financing receivables increased by 6.9 per cent to RO 9,869 million as against RO 9,229 million as at September 30, 2022. Customer deposits including Islamic Customer deposits increased by 8.9 per cent to RO 9,485 million as against RO 8,709 million as at September 30, 2022.

The full results for the nine months period ended September 30, 2023 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 during October 2023.

Oman Daily Observer