Last checked at 15 Oct 2009 11:29
For immediate release
BankMuscat announces preliminary results for Q309
YTD Net profit at RO. 80.4 million
Muscat, October 15, 2009: BankMuscat (SAOG), the nation's leading financial services institution, has announced the preliminary results for the nine months period ended September 30, 2009. The preliminary result was approved by the Board of Directors on October 15, 2009.
The Bank achieved net profit of RO. 80.4 million for the nine months ended September 30, 2009 compared to net profit of RO. 90.1 million reported during the same period in 2008.
The key highlights of the results for the nine months ended September 30, 2009 are as follows:
Net interest income increased by 10% to RO 126.8 million during the nine months period ended September 30, 2009 from RO 115.2 million reported during the corresponding period in 2008.
Non interest income excluding the gain on HDFC Bank investment and realized losses on Available-for-Sale investment was lower by 9% compared to the same period in 2008.
Operating expenses for the nine months period at RO. 64.2 million has remained at the same level of 2008 due to cost containment initiatives.
Impairment for credit losses for the nine months period in 2009 was RO. 68.7 million as against RO. 18.6 million, an increase of RO. 50.1 million. This includes provisions for Saudi branch exposures and necessary collective provisions.
Net loans and advances increased by 7% to RO. 3,727 million as against RO. 3,485 million as at September 30, 2008.
Customer deposits including CDs increased by 16% to RO. 3,298 million as against RO 2,849 million as at September 30, 2009.
Amounts in RO millions
| Key figures | For the nine months ended 30 Sep 09 | For the nine months ended 30 Sep 08 |
| Net interest income | 126.78 | 115.22 |
| Other operating income | 99.80 | 58.92 |
| Operating expenses | 64.18 | 64.39 |
| Operating profit | 162.40 | 109.75 |
| Net profit | 80.44 | 91.11 |
The Bank will release the final results along with complete set of financial statements for the nine months period ended September 30, 2009 after the necessary approval by the Board of Directors during the last week of October 2009.
...Ends…