Muscat, Bank Muscat posted net profit of RO
179.63 million for the year ended 31 December 2018 compared to RO
176.82 million reported during the same period in 2017, an increase of
1.6 per cent.
The bank announced its unaudited preliminary results for 2018,
subject to approval of external auditors, Board of Directors, Central
Bank of Oman and shareholders of the bank.
The key highlights of the results for the period are as follows: Net
Interest Income from Conventional Banking and Income from Islamic
Financing stood at RO 304.29 million for the year 2018 compared to
RO 281.35 million for the same period in 2017, an increase of 8.2 per
Non-interest income at RO 142.45 million was lower by 7.9 per cent
compared to RO 154.62 million for the year ended 31 December 2017.
Income in 2017 includes one-off investment gain of RO 12.8 million
on sale of certain investments.
Operating expenses for the year ended 31 December 2018 at RO
190.34 million was higher by 3.4 per cent as compared to RO 184.08
million for the same period in 2017.
Net Impairment and other losses for the year ended 31 December
2018 was at RO 42.54 million as against RO 43.28 million for the same
period in 2017.
Net Loans and advances, including Islamic financing receivables,
increased by 7.3 per cent to RO 8,938 million as against RO 8,329
million as at 31 December 2017.
Customer deposits, including Islamic Customer deposits, increased
by 14.1 per cent to RO 8,463 million as against RO 7,419 million as at
31 December 2017. The main reason for substantial increase in
customer deposits in the last quarter of 2018, was due to an increase
in short term deposits which are transit in nature.
Source: Oman News Agency