Muscat bank
During the first nine months of this year, Bank Muscat recorded a net profit of 159 million Omani riyals (equivalent to $413 million), a growth of 7.1 percent, compared to the same period last year of about 148.3 million Omani riyals.
The net interest income achieved by the bank from conventional banking and Islamic financing income amounted to 280.98 million Omani riyals at the end of September 2023, an increase of 10.2 percent compared to the same period in 2022, which amounted to 254.93 million riyals, according to the bank’s preliminary unaudited financial results.
The results indicated that Bank Muscat’s other revenues amounted to 100.23 million Omani riyals during the first nine months of this year, compared to 100.69 million riyals for the same period in 2022. This included exceptional revenues from the sale of investments of about 8 million riyals, while operating expenses amounted to 146.48 million riyals. riyals, compared to 139.85 million riyals in the same period in 2022, an increase of 4.7 percent.
During the first nine months of this year, the bank allocated an amount of 46.91 million riyals to confront net loan defaults and other potential losses, compared to net allocations amounting to 41.58 million riyals in the same period in 2022.
The net portfolio of loans and advances at Bank Muscat, which includes Islamic financing, recorded an increase of 6.9 percent, reaching 9,869 million riyals, compared to 9,229 million riyals at the end of September 2022.
It is noteworthy that customer deposits, which include Islamic banking, also increased by 8.9 percent, reaching 9,485 million riyals, compared to 8,709 million riyals at the end of September 2022.
#Muscat bank
#Muscat Stock Exchange
Corporate news
2023-10-15 14:53:29
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