16th Jul 2019 08:00
bank muscat announces preliminary results for the six months ended
30th June 2019
MUSCAT, 15 July, 2019: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the six months ended 30th June 2019. The bank posted a net profit of RO 93.65 million for the period compared to RO 89.70 million reported during the same period in 2018, an increase of 4.4 per cent.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 159.02 million for the six months period ended 30 June 2019 compared to RO 144.94 million for the same period in 2018, an increase of 9.7 per cent.
2) Non-interest income was RO 75.05 million for the six months period ended 30 June 2019 as compared to RO 71.98 million for the same period in 2018, an increase of 4.3 per cent.
3) Operating expenses for the six months period ended 30 June 2019 was RO 97.11 million as compared to RO 93.47 million for the same period in 2018, an increase of 3.9 per cent.
4) Net Impairment for credit and other losses for the six months period in 2019 was RO 24.99 million as against RO 16.64 million for the same period in 2018.
5) Net Loans and advances including Islamic financing receivables increased by 6.3 per cent to RO 9,078 million as against RO 8,542 million as at 30 June 2018.
6) Customer deposits including Islamic Customer deposits increased by 3.7 per cent to RO 7,978 million as against RO 7,693 million as at 30 June 2018.
YTD June 2019 versus YTD June 2018
Particulars (RO millions)
For six months ended, | 30 June 2019 | 30 June 2018 | Change (%) |
Total net interest income and income from Islamic financing | 159.02 | 144.94 | 9.7% |
Other operating income | 75.05 | 71.98 | 4.3% |
Operating expenses | 97.11 | 93.47 | 3.9% |
Operating profit | 136.96 | 123.45 | 10.9% |
Net profit | 93.65 | 89.70 | 4.4% |
Particulars (RO millions) As at, | 30 June 2019 | 30 June 2018 | Change (%) |
Net loans and Islamic financing | 9,078 | 8,542 | 6.3% |
- Conventional loans and advances | 7,919 | 7,480 | 5.9% |
- Islamic financing receivables | 1,159 | 1,062 | 9.1% |
Customer deposits and Islamic deposits | 7,978 | 7,693 | 3.7% |
- Conventional customer deposits | 7,039 | 6,696 | 5.1% |
- Islamic customer deposits | 939 | 997 | -5.8% |
The full results for the six months period ended 30 June 2019 along with complete set of unaudited financial statements will be released post approval of the Board of directors of the Bank at its meeting scheduled later during July 2019.
Regards
T. Ganesh
Chief Financial Officer
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