Muscat – Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the year ended 31 December 2022.
The key highlights of the results for the year are as follows:
- Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR 344.86 million for the year ended 31 December 2022 compared to OMR 335.54 million for the same period in 2021, an increase of 2.8 per cent.
- Non-interest income was OMR 157.96 million for the year ended 31 December 2022 as compared to OMR 139.94 million for the same period in 2021, mainly due to higher income from sale of investments.
- Operating expenses for the year ended 31 December 2022 was OMR 207.30 million as compared to OMR 191.46 million for the same period in 2021, an increase of 8.3 per cent.
- Net Impairment for credit and other losses for the year ended 31 December 2022 was OMR 59.94 million as against OMR 60.22 million for the same period in 2021.
- Net Loans and advances including Islamic financing receivables increased by 2.4 per cent to OMR 9,414 million as against OMR 9,191 million as at 31 December 2021.
- Customer deposits including Islamic Customer deposits decreased by 1.5 per cent to OMR 8,647 million as against OMR 8,775 million as at 31 December 2021.
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Key highlights of preliminary unaudited results:
| Particulars (RO millions) For the period ended | 31 Dec 2022 | 31 Dec 2021 | Change (%) |
| Net interest income & Islamic financing income | 344.86 | 335.54 | 2.8% |
| Other operating income | 157.96 | 139.94 | 12.9% |
| Operating expenses | 207.30 | 191.46 | 8.3% |
| Operating profit | 295.52 | 284.02 | 4.0% |
| Net profit | 200.75 | 189.63 | 5.9% |
| Particulars (RO millions) as at | 31 Dec 2022 | 31 Dec 2021 | Change (%) |
| Total Assets | 12,770 | 13,073 | -2.3% |
| Net loans and Islamic financing | 9,414 | 9,191 | 2.4% |
| Conventional loans and advances | 7,965 | 7,830 | 1.7% |
| Islamic financing receivables | 1,449 | 1,361 | 6.5% |
| Customer deposits and Islamic deposits | 8,647 | 8,775 | -1.5% |
| Conventional customer deposits | 7,410 | 7,604 | -2.6% |
| Islamic customer deposits | 1,237 | 1,171 | 5.6% |
| Total Equity attributable to equity holders | 1,724 | 2,021 | -14.7% |
The full results for the year ended 31 December 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 January 2023.
