Last checked at 14 Apr 2010 12:19
For immediate release
BankMuscat posts RO 24.5 million Q1 net profit
MUSCAT, 14 April 2010 - BankMuscat (SAOG), the leading financial services provider in the Sultanate, on Wednesday announced a net profit of RO 24.5 million for the three months ended 31 March 2010 compared to RO 48.4 million reported during the same period in 2009.
The preliminary result for Q1 2010 approved by the Board of Directors noted that the net profit for Q1'09 included RO 35.3 million of post-tax gain on sale of HDFC Bank investment and RO 7.5 million losses on available-for-sale investment portfolio. Excluding these one-off items, the adjusted net profit for Q1'09 was RO 20.6 million. Thus, on a like to like comparison, the net profit for Q1'10 shows an increase of 18.9 per cent over Q1'09.
The key highlights of Q1'10 results are as follows:
1) Net interest income increased by 12 per cent to RO 44.4 million during the three months period ended 31 March 2010 from RO 39.6 million reported during the corresponding period in 2009.
2) Non-interest income was higher by 15 per cent compared to Q1'09, excluding the gain on HDFC Bank investment and realised losses on Available-for-Sale investment.
3) Operating expenses for Q1'10 at RO 24.6 million increased by 15.5 per cent as compared to the same period in 2009. Increase in operating expense is attributable to expansion of delivery channels, investment in technology and increase in manpower cost.
4) Impairment for credit losses for the three-month period in 2010 was RO 11.8 million as against RO 11.2 million, an increase of RO 0.6 million.
5) Gross loans and advances increased by 3 per cent to RO 4,032 million as against RO 3,916 million in Q1'09.
6) Customer deposits, including CDs, increased by 12.5 per cent to RO 3,628 million as against RO 3,225 million in Q1'09.
Amounts in RO millions
| Key figures | For the three months ended 31 Mar 10 | For the three months ended 31 Mar 09 |
| Net interest income | 44.4 | 39.6 |
| Other operating income | 17.3 | 49.4 |
| Operating expenses | 24.6 | 21.3 |
| Operating profit | 37.0 | 67.8 |
| Net profit | 24.5 | 48.4 |
The Bank will release the final results along with complete set of financial statements for the three-month period ended 31 March 2010 after the necessary approval by the Board of Directors in the last week of April 2010.
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