MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its
preliminary unaudited results for the year ended 31 December 2023. The Bank posted a net
profit of RO 212.45 million for the period compared to RO 200.75 million reported during the
same period in 2022, an increase of 5.8 per cent.

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

1) Net Interest Income from Conventional Banking and Net Income from Islamic Financing
stood at RO 374.82 million for the year ended 31 December 2023 compared to RO
344.86 million for the same period in 2022, an increase of 8.7 per cent.

2) Non-interest income was RO 138.0 million for the year ended 31 December 2023 as
compared to RO 135.18 million for the same period in 2022, an increase of 2.1 per cent.

3) Operating expenses for the year ended 31 December 2023 was RO 196.39 million as
compared to RO 184.52 million for the same period in 2022, an increase of 6.4 per cent.

4) Net Impairment for credit and other losses for the year ended 31 December 2023 was
RO 64.66 million as against RO 59.94 million for the same period in 2022.

5) Net Loans and advances including Islamic financing receivables increased by 4.9 per
cent to RO 9,877 million as against RO 9,417 million as at 31 December 2022.

6) Customer deposits including Islamic Customer deposits increased by 9.1 per cent to RO
9,438 million as against RO 8,647 million as at 31 December 2022.

Key highlights of preliminary unaudited results
Particulars (RO millions)
For the period ended

31 Dec
2023

31 Dec
2022

Change
(%)
Net interest income & Islamic financing income 374.82 344.86 8.7%
Other operating income 138.00 135.18 2.1%
Operating expenses 196.39 184.52 6.4%
Operating profit 316.43 295.52 7.1%
Net profit 212.45 200.75 5.8%
 Particulars (RO millions) as at 31 Dec
2023

31 Dec
2022

Change
(%)
Total Assets 13,662 12,776 6.9%
Net loans and Islamic financing 9,877 9,417 4.9%

• Conventional loans and advances 8,350 7,968 4.8%
• Islamic financing receivables 1,527 1,449 5.4%
  Customer deposits and Islamic deposits 9,438 8,647 9.1%
• Conventional customer deposits 8,170 7,410 10.3%
• Islamic customer deposits 1,268 1,237 2.5%
  Total Equity attributable to equity holders 1,852 1,727 7.2%

Official Use

This Document is classified as Official Use

The full results for the year ended 31 December 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 January 2024.