15 Apr 2021 07:04
Bank Muscat announces preliminary unaudited results for the three months ended 31 March 2021
MUSCAT, 15 April, 2021: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the three months ended 31 March 2021. The bank posted a net profit of RO 47.15 million for the period compared to RO 33.25 million reported during the same period in 2020, an increase of 41.8 per cent, mainly due to lower impairment charges.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 83.74 million for the three months period ended 31 March 2021 compared to RO 81.23 million for the same period in 2020, an increase of 3.1 per cent.
2) Non-interest income was RO 37.68 million for the three months period ended 31 March 2021 as compared to RO 34.39 million for the same period in 2020, an increase of 9.6 per cent.
3) Operating expenses for the three months period ended 31 March 2021 was RO 47.11 million as compared to RO 50.60 million for the same period in 2020, a decrease of 6.9 per cent.
4) Net Impairment for credit and other losses for the three months period in 2021 was RO 18.08 million as against RO 25.73 million for the same period in 2020. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during Q1-2020, at the onset of the Covid-19 pandemic and the historic decline seen in global crude oil prices. The bank remains vigilant of the continuing stress in the macro-economic and business conditions and its potential impacts.
5) Net Loans and advances including Islamic financing receivables increased by 2.2 per cent to RO 9,278 million as against RO 9,076 million as at 31 March 2020.
6) Customer deposits including Islamic Customer deposits increased by 2.1 per cent to RO 8,446 million as against RO 8,269 million as at 31 March 2020.
Key highlights of preliminary unaudited results
Particulars (RO millions) For the period ended | 31 Mar 2021 | 31 Mar 2020 | Change (%) |
Net interest income & Islamic financing income | 83.74 | 81.23 | 3.1% |
Other operating income | 37.68 | 34.39 | 9.6% |
Operating expenses | 47.11 | 50.60 | -6.9% |
Operating profit | 74.31 | 65.02 | 14.3% |
Net profit | 47.15 | 33.25 | 41.8% |
Particulars (RO millions) as at | 31 Mar 2021 | 31 Mar 2020 | Change (%) |
Net loans and Islamic financing | 9,278 | 9,076 | 2.2% |
- Conventional loans and advances | 7,960 | 7,894 | 0.8% |
- Islamic financing receivables | 1,318 | 1,182 | 11.5% |
Customer deposits and Islamic deposits | 8,446 | 8,269 | 2.1% |
- Conventional customer deposits | 7,372 | 7,242 | 1.8% |
- Islamic customer deposits | 1,074 | 1,027 | 4.6% |
The full results for the three months ended 31 March 2021 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during April 2021.
________________
Waleed K. Al Hashar
Chief Executive Officer
Bankmuscat Regs (BKM)