Last checked at 12 Oct 2011 11:53
BankMuscat announces preliminary results for Q3 2011
YTD Net Profit at RO 87.1 million
MUSCAT, 16 October 2011: BankMuscat, the leading financial services provider in the Sultanate, announced its Q3 2011 preliminary results. The Bank posted net profit of RO 87.1 million for the nine months ended 30 September 2011 compared to RO 72.2 million reported during the same period in 2011, an increase of 21 per cent.
The key highlights of the results for the nine-month period ended 30 Sept 2011 are as follows:
1) Net interest income increased by 16.7 per cent to RO 159.9 million during the nine-month period ended 30 Sept 2011 from RO 137.1 million reported during the corresponding period in 2010. The increase in the net interest income was due to combination of asset growth and improvement in net interest margin.
2) Non-interest income at RO 60.8 million was higher by 18.3 per cent compared to RO 51.4 million for the nine-month ended 30 Sept 2010.
3) Operating expenses for the nine-month period ended 30 Sept 2011 at RO 90.8 million increased by 20.3 per cent as compared to the same period in 2010. Increase in operating expenses is attributable to higher manpower cost and operating expenses related to investment in technology and facilities.
4) Impairment for credit losses for the nine-month period in 2011 was RO 40.9 million as against RO 30.1 million for the nine-month period ended 30 Sept 2010. Increase in impairment for credit losses in Q3-2011 was mainly due to collective provision.
5) Net Loans and advances increased by 17.2 per cent to RO 4,537 million as against RO 3,870 million as at Sept 30, 2010.
6) Customer deposits, including CDs, increased by 37.2 per cent to RO 4,723 million as against RO 3,442 million as at Sept 30, 2010. The increase in customer deposits was driven by demand, savings and term deposits.
Amounts in RO millions
Key figures | For the nine months ended 30 Sept 11 | For the nine months ended 30 Sept 10 |
Net interest income | 159.9 | 137.1 |
Other operating income | 60.8 | 51.4 |
Operating expenses | 90.8 | 75.5 |
Operating profit | 129.9 | 112.9 |
Net profit | 87.1 | 72.2 |
The results are subject to the approval of Board of Directors. The Bank will release the final results along with complete set of financial statements for the nine-month period ended Sept 30, 2011 after the necessary approval by the Board of Directors at its meeting scheduled later during October 2011.