16th Apr 2012 07:21
BankMuscat announces preliminary results for Q1 2012
YTD Net Profit at RO 33.4 million
MUSCAT, 16 April 2012: BankMuscat, the leading financial services provider in the Sultanate, announced its Q1 2012 preliminary results. The Bank posted net profit of RO 33.4 million for the three months ended 31 March 2012 compared to RO 27.8 million reported during the same period in 2011, an increase of 20 per cent.
The key highlights of the results for the three-month period ended 31 March 2012 are as follows:
1) Net interest income at RO 54.4 million in Q1-12 compared to RO 53.7 million in Q1-11 an increase of 1.2 per cent. There was a one-off income in Q1-11 net interest income and hence the year on year comparison shows only a marginal increase. But for the one-off income, the net interest income would have increased by 13 per cent.
2) Non-interest income at RO 24.6 million was higher by 8.8 per cent compared to RO 22.6 million for the three-month ended 31 March 2011.
3) Operating expenses for the three-month period ended 31 March 2012 at RO 33.5 million increased marginally by 6.5 per cent as compared to the same period in 2011. Increase in operating expenses is mainly attributable to increase in manpower cost.
4) Impairment for credit losses for the three-month period in 2012 was RO 12.5 million as against RO 13.1 million for the same period in 2011.
5) Net Loans and advances increased by 24.7 per cent to RO 4,988 million as against RO 3,999 million as at 31 March 2011.
6) Customer deposits, including CDs, increased by 33.5 per cent to RO 5,055 million as against RO 3,787 million as at 31 March 2011. The increase in customer deposits was driven by mix of both low cost deposits and term deposits.
Amounts in RO million
Key figures | Q1-2012 | Q1-2011 |
Net interest income | 54.4 | 53.7 |
Other operating income | 24.6 | 22.6 |
Operating expenses | 33.5 | 31.5 |
Operating profit | 45.5 | 44.8 |
Net profit | 33.4 | 27.8 |
The results are subject to the approval of Board of Directors. The Bank will release the final results for Q1-2012 along with complete set of financial statements after the necessary approval by the Board of Directors at its meeting scheduled later during April 2012.
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