Last checked at 15 Oct 2014 08:23
For immediate release
bank muscat announces preliminary results for 9 months ended 30th September 2014
YTD Net Profit at RO 126.73 million
MUSCAT, 15 October, 2014: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended 30th September2014. The Bank posted net profit of RO 126.73 million for the period compared to RO 102.51 million reported during the same period in 2013.
The key highlights of theresults for the periodare as follows:
1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 182.75 million for the nine months of 2014 compared to RO 171.97 million forthe same period of 2013, an increase of 6.3 per cent.
2) Non-interest income at RO 104.1 million was higher by33.2 per cent compared to RO 78.16 million for the nine months ended 30th September 2013.This includes one-off investment gain of RO 9.4 million arising from investment in Al Salam Bank accounted in second quarter 2014.
3) Operating expenses for the nine-month period ended 30th September 2014 at RO 117.55 million as compared to RO 123.02 for the same period in 2013. Last year operating expenses included RO 14.98 million prepaid travel card operating loss provision. Excluding that, the operating expenses increased by 8.8 per cent.
4) Impairment for credit losses for the nine-month period in 2014was RO 40.71 million as against RO 26.42 million for the same period in 2013. Recoveries from impairment for credit loss was RO 19.55 million for the nine-month period of 2014 as against RO 20.61 million for the same period in 2013. Share of income from associates for the nine months period in 2014 was RO 896 thousand against RO 349 thousand for the same period in 2013.
5) Net Loans and advances increased by 5.2 per cent to RO 6,042 million as against RO 5,741 million as at 30th September 2013.
6) Customer deposits, including CDs, increased by 14.9 per cent to RO 6,351 million as against RO 5,527 million as at 30th September2013.
7) Islamic financing receivables amounted to RO 385 million of 30th September 2014 compared to RO 247 million in the same period of 2013. Islamic Banking customer deposits amounted to RO 231 million as of 30th September 2014 compared to RO 124 million reported in 30thSeptember 2013.
YTD September 2014 versus YTD September 2013
Key figures for the preliminary results | 9 months ended Sep 2014 (millions) | 9 months ended Sep 2013 (millions) | Change (%) |
Net interest income and Income from Islamic Financing | 182.75 | 171.97 | 6.3% |
Other operating income | 104.10 | 78.16 | 33.2% |
Operating expenses | 117.55 | 123.02 | (4.4)% |
Operating profit | 169.30 | 127.11 | 33.2% |
Net profit | 126.73 | 102.51 | 23.6% |
Net Loans and advances and Islamic Finance portfolio | 6,427 | 5,988 | 7.3% |
Customer deposits& Islamic Deposits | 6,582 | 5,651 | 16.5% |
Q3 2014 versus Q2 2014
Key figures for the preliminary results | 3 months ended Sep 2014 (millions) | 3 months ended June 2014 (millions) | Change (%) |
Net interest income and Income from Islamic Financing | 62.34 | 61.26 | 1.8% |
Other operating income | 31.21 | 42.78 | (27.0)% |
Operating expenses | 38.73 | 39.57 | (2.1)% |
Operating profit | 54.82 | 64.47 | (14.9)% |
Net profit | 40.39 | 46.58 | (13.3)% |
Net Loans and advances and Islamic Finance portfolio | 6,427 | 6,465 | (0.6)% |
Customer deposits& Islamic Deposits | 6,582 | 6,502 | 1.2% |
The full results of the nine-month period ended 30th September2014along with complete set of financial statements, will be released after the approval of the Board of directors of the Bank at its meeting scheduled later during October2014.
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