24th Jul 2006 07:00
BankMuscat (S.A.O.G)23 July 2006 BankMuscat H1 Net Profit at RO 28.03 million Profits Rise by 33% During the First Half of the Year Muscat July 23, 2006: BankMuscat (SAOG), the nation's largest bank, has achieveda net profit of RO 28.03 million during the first half of the year 2006 asagainst a net profit of RO 21.08 million reported in the first half of 2005,thus recording an impressive growth of 33%. Net interest income increased by 33.2% from RO 34.55 million for the first halfof the year 2005 to RO 46.02 million for the first half of the year 2006. Non-interest income has grown from RO 11.31 million for the first half of 2005 to RO14.90 million for the first half of 2006, reflecting a growth of 31.7%. Theoperating expenses have increased by 21.2% in first half of 2006 as compared tothe first half of 2005 mainly due to increase in manpower costs as a result ofincreased business activities and expansion of business lines. Impairment for credit losses was RO 8.11 million for the first half of 2006 ascompared to RO 9.84 million for the corresponding period of 2005. The basic earnings per share on an annualized basis works out to 67.3 baizasfor every 100 baiza share of the Bank. The Bank's net Loans and Advances of RO 1,555 million as of June 30, 2006 hasgrown by 27.3% as compared to the position as of June 30, 2005. Customerdeposits grew by RO 323.7 million or 26.9% from RO 1,201 million as of June 30,2005 to RO 1,525 million as of June 30, 2006. Savings deposits have registeredan impressive growth of RO 82.7 million or 27% from RO 306 million as of June30, 2005 to RO 389 million as of June 30, 2006. ..Ends... About BankMuscat (SAOG): With assets worth over USD 5.2 billion, BankMuscat (SAOG) is the largest Bank inOman today with a strong presence in Corporate Banking, Consumer Banking,Investment Banking, Treasury, Private Banking, Project Finance and AssetManagement. The Bank has a network of 92 branches in Oman and a representativeoffice in Dubai (UAE) BankMuscat also has a strategic stake in Centurion Bank ofPunjab, the 7th largest private sector bank in India, and has a 49% stake inBankMuscat International (BMI), an independent banking entity in Bahrain that isfocused on becoming a truly GCC regional bank BankMuscat recently became the recipient of the single largest investment of theInternational Financial Corporation (IFC) in the MENA region, with IFC extendinga USD 100 million subordinated loan to the Bank to help the Bank enhance itscapital adequacy and lend further momentum to its housing loan operations in theSultanate. The IFC has also signed a technical agreement with the Bank to help it grow the SME finance segment in the Sultanate For more information, phase contactSuha Al RaisiOfficer-Corporate CommunicationsBankMuscat(SAOG)Phone: + 968 24768595E: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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