16 Oct 2023 07:00
Bank Muscat announces preliminary unaudited results for the nine months ended 30 September 2023
Net Profit at RO 158.88 million
MUSCAT, 15 October, 2023: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the nine months ended 30 September 2023. The Bank posted a net profit of RO 158.88 million for the period compared to RO 148.29 million reported during the same period in 2022, an increase of 7.1 per cent.
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 280.98 million for the nine months period ended 30 September 2023 compared to RO 254.93 million for the same period in 2022, an increase of 10.2 per cent.
2) Non-interest income was RO 100.23 million for the nine months period ended 30 September 2023 as compared to RO 100.69 million for the same period in 2022. Non-interest income for the previous comparative period included a one-time gain from sale of investments of around RO 8 million. Excluding this, non-interest income has witnessed an increase of 8.1 per cent.
3) Operating expenses for the nine months period ended 30 September 2023 was RO 146.48 million as compared to RO 139.85 million for the same period in 2022, an increase of 4.7 per cent.
4) Net Impairment for credit and other losses for the nine months period ended 30 September 2023 was RO 46.91 million as against RO 41.58 million for the same period in 2022.
5) Net Loans and advances including Islamic financing receivables increased by 6.9 per cent to RO 9,869 million as against RO 9,229 million as at 30 September 2022.
6) Customer deposits including Islamic Customer deposits increased by 8.9 per cent to RO 9,485 million as against RO 8,709 million as at 30 September 2022.
Key highlights of preliminary unaudited results
Particulars (RO millions) For the period ended | 30 Sep 2023 | 30 Sep 2022 | Change (%) |
Net interest income & Islamic financing income | 280.98 | 254.93 | 10.2% |
Other operating income | 100.23 | 100.69 | -0.5% |
Operating expenses | 146.48 | 139.85 | 4.7% |
Operating profit | 234.73 | 215.77 | 8.8% |
Net profit | 158.88 | 148.29 | 7.1% |
Particulars (RO millions) As at period ended | 30 Sep 2023 | 30 Sep 2022 | Change (%) |
Total Assets | 13,521 | 12,742 | 6.1% |
Net loans and Islamic financing | 9,869 | 9,229 | 6.9% |
- Conventional loans and advances | 8,333 | 7,779 | 7.1% |
- Islamic financing receivables | 1,536 | 1,450 | 5.9% |
Customer deposits and Islamic deposits | 9,485 | 8,709 | 8.9% |
- Conventional customer deposits | 8,128 | 7,501 | 8.4% |
- Islamic customer deposits | 1,357 | 1,208 | 12.3% |
Total Equity* | 2,308 | 2,172 | 6.3% |
\* Total Equity includes Perpetual Tier I capital of RO 505 million (2022: RO 130 million).
The full results for the nine months period ended 30 September 2023 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 October 2023.
Waleed K. Al Hashar
Chief Executive Officer
Bankmuscat Regs (BKM)