Bankmuscat Regs Regulatory News (BKM)

27 Apr 2007 12:54

BankMuscat (S.A.O.G)26 April 2007 BankMuscat Ql Net Profit at RO 19.1 million Profits Rise by 43.8% During the First Quarter of the Year Muscat, April 28, 2007; BankMuscat (SAOG), the nation's largest bank, hasachieved a net profit of RO 19.1 million for the period ended March 31, 2007 asagainst a net profit of RO 13.3 million reported during the same period in 2006,thus recording an impressive growth of 43.8% Net interest income increased by 30% to RO 28.2 million during the first quarterof 2007 from RO 21.7 million reported during the corresponding period in 2006,mainly driven by asset growth Non-interest income has grown by 22.9% to RO 9.7million for the first quarter of 2007 as compared to RO 7.9 million of the sameperiod in 2006. Operating expenses have increased by 23.5% in the first quarterof 2007 as compared to the same period in 2006 mainly due to increase inmanpower and other administrative costs as a result of increased businessactivities and expansion of business lines. However, cost to income ratio reduced to 39.2% during the first quarter of 2007 as against 40.6% during the first quarter of 2006 Impairment for credit and other losses was RO 4.1 million for the first quarterof 2007 as compared to RO 4.0 million during the corresponding period in 2006 The basic earnings per share on an annualized basis works out to 83 baizas forevery 100 baiza share of the Bank. The Bank's net Loans and Advances of RO 2,035 million as of March 31, 2007 hasgrown by 37.7% as compared to the position as of March 31, 2006. Customerdeposits grew by RO 602 million or 41.8% from RO 1,439 million as of March 31,2006 to RO 2,040 million as of March 31, 2007. Savings deposits have registeredan impressive growth of RO 108 million or 30.8% from RO 351 million as of March31, 2006 to RO 460 million as of March 31, 2007. Ends This information is provided by RNS The company news service from the London Stock Exchange