Last checked at 12 Apr 2018 08:08
bank muscat announces preliminary results for the three months ended
31st March 2018
MUSCAT, 12 April, 2018: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the three months ended 31st March 2018. The bank posted a net profit of RO 44.81 million for the period compared to RO 44.23 million reported during the same period in 2017, an increase of 1.3 per cent.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 71.84 million for the three months period ended March 2018 compared to RO 69.47 million for the same period in 2017, an increase of 3.4 per cent.
2) Non-interest income was RO 35.36 million for the three months period ended 31 March 2018 as compared to RO 36.99 million for the same period in 2017, a decrease of 4.4 percent.
3) Operating expenses for the three months period ended 31 March 2018 was RO 47.77 million as compared to RO 44.52 million for the same period in 2017, an increase of 7.3%.
4) Impairment for credit losses for the three months period in 2018 was RO 15.45 million as against RO 18.34 million for the same period in 2017. Recoveries from impairment for credit loss was RO 9.89 million for the three months period in 2018 as against RO 8.84 million for the same period in 2017.
5) Net Loans and advances including Islamic financing receivables increased by 5.5 per cent to RO 8,445 million as against RO 8,004 million as at 31st March 2017.
6) Customer deposits including Islamic Customer deposits increased by 0.5 per cent to RO 7,631 million as against RO 7,593 million as at 31st March 2017.
YTD March 2018 versus YTD March 2017
Particulars (RO millions)
For three months ended 31 March | 31 March 2018 | 31 March 2017 | Change (%) |
Total net interest income and income from Islamic financing | 71.84 | 69.47 | 3.4% |
Other operating income | 35.36 | 36.99 | -4.4% |
Operating expenses | 47.77 | 44.52 | 7.3% |
Operating profit | 59.43 | 61.94 | -4.1% |
Net profit | 44.81 | 44.23 | 1.3% |
Particulars (RO millions) As at 31 March | 31 March 2018 | 31 March 2017 | Change (%) |
Net loans and Islamic financing | 8,445 | 8,004 | 5.5% |
- Conventional loans and advances | 7,434 | 7,102 | 4.7% |
- Islamic financing receivables | 1,011 | 902 | 12.1% |
Customer deposits and Islamic deposits | 7,631 | 7,593 | 0.5% |
- Conventional customer deposits | 6,664 | 6,813 | -2.2% |
- Islamic customer deposits | 967 | 780 | 24.0% |
The full results for the three months period ended 31st March 2018 along with complete set of unaudited financial statements will be released post approval of the Board of directors of the Bank at its meeting scheduled later during April 2018.
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