Bank Muscat posted a net profit of RO 44.23 million for the Q1 period ended 31st March 2017 compared to RO 43.75 million reported during the same period in 2016, an increase of 1.1 per cent.
The key highlights of the preliminary results announced for the period are as follows:
- Net Interest Income from Conventional Banking stood at RO 63.11 million for the three months of 2017 compared to RO 62.17 million for the same period of 2016, an increase of 1.5 per cent. Net income from Islamic financing was RO 6.35 million for the three months of 2017 compared to RO 5.87 million for the same period of 2016, an increase of 8.2 per cent.
- Non-interest income was RO 36.99 million for the three month period ended 31 March 2017 compared to RO 39.99 million for the same period in 2016.
- Operating expenses for the three month period ended 31 March 2017 was RO 44.52 million as compared to RO 43.44 million for the same period in 2016, an increase of 2.5 per cent.
- Impairment for credit losses for the three month period in 2017 was RO 18.34 million as against RO 16.95 million for the same period in 2016. Recoveries from impairment for credit losses was RO 8.84 million for the three month period of 2017 as against RO 5.40 million for the same period in 2016.
- Share of income from an associate for the three month period in 2017 was RO 0.5 million as against a loss of RO 0.22 million for the same period in 2016.
- Net Loans and advances increased by 2.7 per cent to RO 7,102 million as against RO 6,917 million as at 31 March 2016.
- Customer deposits decreased by 2.3 per cent to RO 6,813 million as against RO 6,974 million as at 31 March 2016.
- Islamic financing receivables amounted to RO 902 million as of 31 March 2017 compared to RO 665 million in the same period of 2016. Islamic customer deposits amounted to RO 780 million as of 31 March 2017 compared to RO 678 million reported for the same period in 2016.
YTD March 2017 versus YTD March 2016
| Key figures for the preliminary results | 3 months ended March 2017 (RO millions) |
3 months ended March 2016 (RO millions) |
Change (%) |
| Net interest income | 63.11 | 62.17 | 1.5% |
| Income from Islamic financing | 6.35 | 5.87 | 8.2% |
| Total net interest income and income from Islamic financing | 69.46 | 68.04 | 2.1% |
| Other operating income | 36.99 | 39.99 | -7.5% |
| Operating expenses | 44.52 | 43.44 | 2.5% |
| Operating profit | 61.93 | 64.59 | -4.1% |
| Net profit | 44.23 | 43.75 | 1.1% |
| As at 31st March 2017 (RO millions) |
As at 31st March 2016 (RO millions) |
Change (%) |
|
| Net loans and advances | 7,102 | 6,917 | 2.7% |
| Net Islamic financing | 902 | 665 | 35.6% |
| Total net loans and Islamic financing | 8,004 | 7,582 | 5.6% |
| Customer deposits | 6,813 | 6,974 | -2.3% |
| Islamic deposits | 780 | 678 | 15.0% |
| Total customer deposits and Islamic deposits | 7,593 | 7,652 | -0.8% |
The full results of the three month period ended 31st March 2017 along with complete set of unaudited financial statements, will be released after approval of the Board of Directors of the Bank at its meeting scheduled later during April 2017.
