Last checked at 12 Oct 2016 12:01
bank muscat announces preliminary results for the nine months ended
30th September 2016
MUSCAT, 12 October, 2016: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended 30th September 2016. The bank posted a net profit of RO 136.91 million for the period compared to RO 136.23 million reported during the same period in 2015.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking stood at RO 187.95 million for the nine months of 2016 compared to RO 176 million for the same period of 2015, an increase of 6.8 per cent. Net income from Islamic financing was RO 17.78 million for the nine months of 2016 compared to RO 13.68 million for the same period of 2015, an increase of 30.0 per cent.
2) Non-interest income was RO 108.47 million for the nine month period ended 30 September 2016 compared to RO 112.87 million for the same period in 2015.
3) Operating expenses for the nine month period ended 30 September 2016 was RO 129.02 million as compared to RO 126 million for the same period in 2015, an increase of 2.4 per cent.
4) Impairment for credit losses for the nine month period in 2016 was RO 46.96 million as against RO 42.74 million for the same period in 2015. Recoveries from impairment for credit losses was RO 22.69 million for the nine month period of 2016 as against RO 25.54 million for the same period in 2015.
5) Share of income from an associate for the nine months period in 2016 was RO 1.09 million as against RO 1.85 million for the same period in 2015.
6) Net Loans and advances increased by 7.1 per cent to RO 7,032 million as against RO 6,566 million as at 30 September 2015.
7) Customer deposits increased by 0.8 per cent to RO 6,831 million as against RO 6,778 million as at 30 September 2015.
8) Islamic financing receivables amounted to RO 782 million as of 30 September 2016 compared to RO 482 million in the same period of 2015. Islamic customer deposits amounted to RO 746 million as of 30 September 2016 compared to RO 549 million reported for the same period in 2015.
YTD September 2016 versus YTD September 2015
Key figures for the preliminary results | 9 months ended September 2016 RO (millions) | 9 months ended September 2015 RO (millions) | Change (%) |
Net interest income | 187.95 | 176 | 6.8% |
Income from Islamic financing | 17.78 | 13.68 | 30.0% |
Total net interest income and income from Islamic financing | 205.73 | 189.68 | 8.5% |
Other operating income | 108.47 | 112.87 | -3.9% |
Operating expenses | 129.02 | 126.00 | 2.4% |
Operating profit | 185.18 | 176.55 | 4.9% |
Net profit | 136.91 | 136.23 | 0.5% |
Net loans and advances | 7,032 | 6,566 | 7.1% |
Net Islamic financing | 782 | 482 | 62.1% |
Total net loans and Islamic financing | 7,814 | 7,048 | 10.9% |
Customer deposits | 6,831 | 6,778 | 0.8% |
Islamic deposits | 746 | 549 | 36.0% |
Total customer deposits and Islamic deposits | 7,577 | 7,327 | 3.4% |
The full results of the nine-month period ended 30th September 2016 along with complete set of unaudited financial statements, will be released after the approval of the Board of Directors of the Bank at its meeting scheduled later during October 2016.
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