Bankmuscat Regs Regulatory News (BKM)

23 Oct 2006 07:00

BankMuscat (S.A.O.G)22 October 2006 BankMuscat announces 9-Month Results Profits Rise by 31% For the Third Quarter of the Year Muscat. October 22, 2006: BankMuscat (SAOG), the nation's largest bank, hasachieved a net profit of RO 44.51 million for period ended Sep 30, 2006 asagainst a net profit of RO 34.07 million reported during the same period in2005, thus recording an impressive growth of 31%. Net interest income increased by 33.3% to RO. 73.08 million during the ninemonths ended Sep 30, 2006 from RO 54.79 million reported during thecorresponding period in 2005. Non-interest income has grown by 26.9% to RO 21.85million during the nine months of 2006 as compared to RO 17.21 million of thesame period in 2005. Operating expenses have increased by 22.8% in the ninemonths of 2006 as compared to the same period in 2005 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 was at39.9% in Sep 2006 as against 42.9% in Sep 2005. Impairment for credit and other losses was RO 13.83 million for the nine monthsof 2006 as compared to RO 18.96 million during the corresponding period in 2005. The basic earnings per share on an annualized basis works out to 71.3 baizas forevery 100 baiza share of the Bank. The Bank's net Loans and Advances of RO 1,696 million as of Sep 30, 2006 hasgrown by 31.5% as compared to the position as of Sep 30, 2005. Customer depositsgrew by RO 450.9 million or 36.4% from RO 1,238 million as of Sep 30, 2005 to RO1,689 million as of Sep 30, 2006. Savings deposits have registered an impressivegrowth of RO 87.5 million or 30.7% from RO 284.9 million as of Sep 30, 2005 toRO 372.4 million as of Sep 30, 2006. About BankMuscat (SAOG): With assets worth over USD 6.2 billion, BankMuscat (SAOG) is the largest Bank inOman today with a strong presence in Corporate Banking, Consumer Banking,Investment Banking, Treasury, Private Banking, Project Finance and AssetManagement. The Bank has a network of 93 branches in Oman and a representativeoffice in Dubai (UAE) BankMuscat also has a strategic stake in Centurion Bank ofPunjab, the 7th largest private sector bank in India, and has a 49% stake inBankMuscat International (BMI), an independent banking entity in Bahrain that isfocused on becoming a truly GCC regional bank For more information, phase contactSuha Al Raisi Officer-Corporate CommunicationsE: suhaa@bankmuscat.com This information is provided by RNS The company news service from the London Stock Exchange