Last checked at 14 Jul 2015 07:13
For immediate release
bank muscat announces preliminary results for the six months ended 30th June 2015
MUSCAT, 14 July, 2015: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the six months ended 30th June 2015. The Bank posted net profit of RO 89.82 million for the period compared to RO 86.35 million reported during the same period in 2014, an increase of 4.0 per cent.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking stood at RO 115.45 million for the six months of 2015 compared to RO 112.20 million for the same period of 2014, an increase of 2.9 per cent. Net income from Islamic financing was RO 9.21 million for the six months of 2015 compared to RO 8.22 million for the same period of 2014, an increase of RO 12.0 per cent.
2) Non-interest income at RO 75.51 million was higher by 3.6 per cent compared to RO 72.89 million for the six months ended 30th June 2014.
3) Operating expenses for the six month period ended 30th June 2015 at RO 84.13 million as compared to RO 78.81 for the same period in 2014, an increase of 6.7 per cent.
4) Impairment for credit losses for the six month period in 2015 was RO 27.60 million as against RO 27.36 million for the same period in 2014. Recoveries from impairment for credit loss was RO 16.49 million for the six month period of 2015 as against RO 14.18 million for the same period in 2014. Share of income from associates for the six months period in 2015 was RO 1.07 million against RO 271 thousand for the same period in 2014.
5) Net Loans and advances increased by 4.6 per cent to RO 6,392 million as against RO 6,113 million as at 30th June 2014.
6) Customer deposits, including CDs, increased by 9.3 per cent to RO 6,914 million as against RO 6,323 million as at 30th June 2014.
7) Islamic financing receivables amounted to RO 465 million as of 30th June 2015 compared to RO 352 million in the same period of 2014. Islamic Banking customer deposits amounted to RO 510 million as of 30th June 2015 compared to RO 179 million reported in 30th June 2014.
YTD June 2015 versus YTD June 2014
Key figures for the preliminary results | 6 months ended June 2015 (millions) | 6 months ended June 2014 (millions) | Change (%) |
Net interest income | 115.45 | 112.20 | 2.9% |
Income from Islamic Financing | 9.21 | 8.22 | 12.0% |
Total net interest income and income from Islamic financing | 124.66 | 120.42 | 3.5% |
Other operating income | 75.51 | 72.89 | 3.6% |
Operating expenses | 84.13 | 78.81 | 6.7% |
Operating profit | 116.04 | 114.50 | 1.3% |
Net profit | 89.82 | 86.35 | 4.0% |
Net loans and advances | 6,392 | 6,113 | 4.6% |
Net Islamic financing | 465 | 352 | 32.1% |
Total net Loans and Islamic financing | 6,857 | 6,465 | 6.1% |
Customer deposits & CD | 6,914 | 6,323 | 9.3% |
Islamic deposits | 510 | 179 | 184.9% |
Total customer deposits and Islamic deposits | 7,424 | 6,502 | 14.2% |
The full results of the six-month period ended 30th June 2015 along 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 July 2015.
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