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Bank Muscat posts net profit of OMR 94.65 million for the first half of 2021, an increase of 36.1 per cent

The bank posted a net profit of OMR 94.65 million for the period compared to OMR 69.56 million reported during the same period in 2020.

TAS News Service

info@thearabianstories.com

Thursday, July 15, 2021

MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the six months ended 30 June 2021. The bank posted a net profit of OMR 94.65 million for the period compared to OMR 69.56 million reported during the same period in 2020, an increase of 36.1 per cent, mainly due to lower impairment charges.

The key highlights of the results for the period are as follows:

  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR168.44 million for the six months period ended 30 June 2021 compared to OMR 160.53 million for the same period in 2020, an increase of 4.9 per cent.
  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR168.44 million for the six months period ended 30 June 2021 compared to OMR 160.53 million for the same period in 2020, an increase of 4.9 per cent.
  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR168.44 million for the six months period ended 30 June 2021 compared to OMR 160.53 million for the same period in 2020, an increase of 4.9 per cent.
  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR168.44 million for the six months period ended 30 June 2021 compared to OMR 160.53 million for the same period in 2020, an increase of 4.9 per cent.
  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR168.44 million for the six months period ended 30 June 2021 compared to OMR 160.53 million for the same period in 2020, an increase of 4.9 per cent.
  • Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR168.44 million for the six months period ended 30 June 2021 compared to OMR 160.53 million for the same period in 2020, an increase of 4.9 per cent.

Key highlights of preliminary unaudited results

Particulars (RO millions)For the period ended 30 Jun202130 Jun2020Change (%)
Net interest income & Islamic financing income168.44 160.53 4.9%
Other operating income74.70 64.69 15.5%
Operating expenses95.12 94.03 1.2%
Operating profit148.02 131.19 12.8%
Net profit94.65 69.56 36.1%
 Particulars (RO millions) as at30 Jun202130 Jun2020Change (%)
Net loans and Islamic financing9,238 8,996 2.7%
Conventional loans and advances7,898 7,812 1.1%
Islamic financing receivables1,340 1,184 13.2%
Customer deposits and Islamic deposits8,670 8,645 0.3%
Conventional customer deposits7,518 7,601 -1.1%
Islamic customer deposits1,152 1,044 10.3%

The full results for the six months ended 30 June 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 July 2021.

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