3rd Quarter Results

22 Oct 2007 07:30

BankMuscat (S.A.O.G)22 October 2007 BankMuscat Q3 Net Profit at RO 62.6 million Profits Rise by 40.7% During the Third Quarter of the Year Muscat, 21 October 2007; The Bank achieved a net profit of RO 62.6 million forthe nine months ended Sep 30, 2007 as against a net profit of RO 44.5 millionreported during the same period in 2006, thus recording an impressive growth of40.7%. Net interest income increased by 23.8% to RO 90.5 million during the ninemonths ended Sep 30, 2007 from RO 73.1 million reported during the correspondingperiod in 2006, mainly driven by asset growth. Non-interest income had animpressive growth of 57.5% to reach RO 34.5 million for the nine months periodended Sep 30, 2007 as compared to RO 21.9 million of the same period in 2006.Operating expenses have increased by 29.9% during the nine months ended Sep 30,2007 as compared to the same period in 2006 mainly due to increase in manpowerand other administrative costs as a result of increased business activities,expansion of business lines and expansion of infrastructure. However, cost toincome ratio reduced to 39.4% during the nine months of 2007 as against 39.9%during the same period in 2006. Impairment for credit losses was RO 11.9 million for the nine months periodended Sep 30, 2007 as compared to RO 13.8 million during the correspondingperiod in 2006. Share of profit from associates have increased from RO 3.3million for the nine months ended Sep 30, 2006 to RO 4.1 million during the sameperiod in 2007 due to better performance of associates and contribution fromMangal Keshav Holdings, India where the Bank has taken a strategic stake of 43%in April 2007. The basic earnings per share on an annualized basis works out to 91 baizas forevery 100 baiza share of the Bank. The Bank's net Loans and Advances of RO 2,361 million as of Sep 30, 2007 hasgrown by 39.1% as compared to the position as of Sep 30, 2006. Customer depositshave also seen a growth of 34.8% from RO 1,688 million as of Sep 30, 2006 to RO 2,276 million as of Sep 30, 2007. Savings deposits have registered an impressive growth of RO 165 million or 44.3% from RO 372 million as of Sep 30, 2006 to RO 537 million as of Sep 30,2007. About BankMuscat (SAOG)With assets over US $9 billion, BankMuscat (SAOG) is the largest bank in Omantoday with a strong presence in Corporate Banking, Retail Banking, InvestmentBanking, Treasury, Private Banking and Asset Management. The Bank has a networkof 105 branches and 248 ATMs and 47 CDMs in Oman, a branch in Riyadh, SaudiArabia, and a representative office in Dubai (UAE). BankMuscat also has astrategic stake in Centurion Bank of Punjab, a private sector bank in India andBankMuscat International (BMI) an independent Banking entity. The Bank also hasacquired a 43% stake in the Mangal Keshav Group, one of the oldest and mostrespected securities houses in the fast-growing Indian equities market. For more information: Sukanti Ghosh, Head - Corporate CommunicationsBankMuscat SAOGPh: +968 99261325Fax.+968 24787768Email: sukantig@bankmuscat.com Or Suha Al Raisi, Assistant Manager, Corporate CommunicationsBankMuscat SAOGPh. +968 24768595Fax.+968 24787768Email: suhaa@bankmuscat.com This information is provided by RNS The company news service from the London Stock Exchange