MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the six months ended 30 June 2023. The Bank posted a net profit of OMR 104.32 million for the period compared to OMR 99.26 million reported during the same period in 2022, an increase of 5.1 per cent.
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 OMR 184.71 million for the six months period ended 30 June 2023 compared to OMR 166.25 million for the same period in 2022, an increase of 11.1 per cent.
- Non-interest income was OMR 66.48 million for the six months period ended 30 June 2023 as compared to OMR 71.04 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 OMR 7.9 million. Excluding this, non-interest income has witnessed an increase of 5.3 per cent.
- Operating expenses for the six months period ended 30 June 2023 was OMR 97.44 million as compared to OMR 92.30 million for the same period in 2022, an increase of 5.6 per cent.
- Net Impairment for credit and other losses for the six months period ended 30 June 2023 was OMR 30.11 million as against OMR 28.40 million for the same period in 2022.
- Net Loans and advances including Islamic financing receivables increased by 9.7 per cent to OMR9,878 million as against OMR 9,002 million as at 30 June 2022.
- Customer deposits including Islamic Customer deposits increased by 2.8 per cent to OMR 9,083 million as against OMR 8,834 million as at 30 June 2022.
Key highlights of preliminary unaudited results
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| Particulars (OMR millions) For the period ended | 30 Jun 2023 | 30 Jun 2022 | Change (%) |
| Net interest income & Islamic financing income | 184.71 | 166.25 | 11.1% |
| Other operating income | 66.48 | 71.04 | -6.4% |
| Operating expenses | 97.44 | 92.30 | 5.6% |
| Operating profit | 153.75 | 144.99 | 6.0% |
| Net profit | 104.32 | 99.26 | 5.1% |
| Particulars (OMR millions) as at | 30 Jun 2023 | 30 Jun 2022 | Change (%) |
| Total Assets | 13,344 | 12,858 | 3.8% |
| Net loans and Islamic financing | 9,878 | 9,002 | 9.7% |
| Conventional loans and advances | 8,329 | 7,576 | 9.9% |
| Islamic financing receivables | 1,549 | 1,426 | 8.6% |
| Customer deposits and Islamic deposits | 9,083 | 8,834 | 2.8% |
| Conventional customer deposits | 7,780 | 7,621 | 2.1% |
| Islamic customer deposits | 1,303 | 1,213 | 7.4% |
| Total Equity* | 2,241 | 2,128 | 5.3% |
*Total Equity includes Perpetual Tier I capital of OMR 505 million (2022: OMR 130 million).
The full results for the six months period ended 30 June 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 July 2023.
