BankMuscat announces preliminary unaudited results

Bank Muscat announces preliminary unaudited results for the year 2012

 YTD Net profit at RO. 139.2 million

MUSCAT, 16 January 2013 - Bank Muscat (SAOG), the leading financial services provider in the Sultanate, announced the preliminary unaudited results for the year 2012. The Bank's preliminary unaudited net profit is RO 139.2 million for the year ended 31 December 2012 compared to RO 117.5 million reported for the year 2011, an increase of 18.5 per cent.

The key highlights of the results for the year ended 31 December 2012 are as follows:

1) Net interest income increased by 8.6 per cent to RO 230.4 million in 2012 from RO 212.1 million reported during the year 2011. Increase in net interest income is attributable to increase in asset growth during the year 2012.

2) Non-interest income at 93.2 million was higher by 13.5 per cent compared to the year 2011.

3) Operating expenses for the year ended 31 December 2012 was at RO 134.6 million, an increase of 11.3 per cent as compared to 2011. Increase in operating expenses is attributable to higher manpower cost and operating expenses related to business expansion.

4) Impairment for credit losses for the year ended 31 December 2012 was RO 57.9 million as against RO 56.1 million in 2012.

5) Net loans and advances increased by 16.2 per cent to RO 5,601 million as against RO 4,819 million as at 31 December 2011.

6) Customer deposits, including CDs, increased by 10.9 per cent to RO 5,378 million as against RO 4,850 million as at 31 December 2011.

Amounts in RO millions

The bank shall release the audited results along with complete set of audited financial statements for the year ended December 31, 2012 after the necessary approval by the Board of Directors on January 28, 2013. The draft annual financials for the year 2012 is subject to approval of Central Bank of Oman.

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