MUSCAT: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the nine months ended 30 September 2022. The Bank posted a net profit of OMR 148.29 million for the period compared to OMR 140.16 million reported during the same period in 2021, an increase of 5.8 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 254.93 million for the nine months period ended 30 September 2022 compared to OMR 252.48 million for the same period in 2021, an increase of 1.0 per cent.
- Non-interest income was OMR 117.10 million for the nine months period ended 30 September 2022 as compared to OMR 105.85 million for the same period in 2021, mainly due to higher income from sale of investments.
- Operating expenses for the nine months period ended 30 September 2022 was OMR 156.18 million as compared to OMR 144.33 million for the same period in 2021, an increase of 8.2 per cent.
- Net Impairment for credit and other losses for the nine months period ended 30 September 2022 was RO 41.58 million as against OMR 46.77 million for the same period in 2021. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during 2021.
- Net Loans and advances including Islamic financing receivables increased by 0.8 per cent to OMR 9,229 million as against OMR 9,158 million as at 30 September 2021.
- Customer deposits including Islamic Customer deposits increased marginally to RO 8,709 million as against OMR 8,698 million as at 30 September 2021.
Key highlights of preliminary unaudited results
Read More
- University of Technology and Applied Sciences highlights its journey and achievements
- Oman rolls out new rules for investors in special economic and free zones
- Oman Air carries record 270,000 passengers to Salalah during Khareef 2026
- Oman’s Asyad Shipping plans to raise MSX free float before 2027
- Bank Muscat cheers Oman National Football Team and unveils special fan anthem
| Particulars (OMR millions)For the period ended | 30 Sep2022 | 30 Sep2021 | Change (%) |
| Net interest income & Islamic financing income | 254.93 | 252.48 | 1.0% |
| Other operating income | 117.10 | 105.85 | 10.6% |
| Operating expenses | 156.18 | 144.33 | 8.2% |
| Operating profit | 215.85 | 214.00 | 0.9% |
| Net profit | 148.29 | 140.16 | 5.8% |
| Particulars (OMR millions) as at | 30 Sep2022 | 30 Sep2021 | Change (%) |
| Total Assets | 12,773 | 12,819 | -0.4% |
| Net loans and Islamic financing | 9,229 | 9,158 | 0.8% |
| Conventional loans and advances | 7,778 | 7,805 | -0.3% |
| Islamic financing receivables | 1,451 | 1,353 | 7.2% |
| Customer deposits and Islamic deposits | 8,709 | 8,698 | 0.1% |
| Conventional customer deposits | 7,501 | 7,550 | -0.6% |
| Islamic customer deposits | 1,208 | 1,148 | 5.2% |
| Total Equity attributable to equity holders | 2,043 | 1,972 | 3.6% |
The full results for the nine months period ended 30 September 2022 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 2022.
