Sunday 16, July 2017 by Nabilah Annuar

Bank Muscat records a net profit of OMR 84.31 million for the first half of 2017

Bank Muscat has announced its preliminary results for the six months ended 30th June 2017.  

Net Interest Income from Conventional Banking stood at OMR 125.63 million for the six months of 2017 compared to OMR 124.42 million for the same period of 2016, an increase of one per cent. Net income from Islamic financing was OMR 12.4 million for the six months of 2017 compared to OMR 11.76 million for the same period of 2016, an increase of 5.4 per cent.

Non-interest income was OMR 68.57 million for the six month period ended 30 June 2017 compared to OMR 74.58 million for the same period in 2016 due to reduction in exchange income and other fees.

Operating expenses for the six month period ended 30 June 2017 was OMR 89.36 million as compared to OMR 86.06 million for the same period in 2016, an increase of 3.8 per cent.

Impairment for credit losses for the six month period in 2017 was OMR 35.44 million as against OMR 32.72 million for the same period in 2016. Recoveries from impairment for credit losses was OMR 20.04 million for the six month period of 2017 as against OMR 15.66 million for the same period in 2016.

Share of income from an associate for the six month period in 2017 was OMR 1.16 million as against OMR 0.48 million for the same period in 2016.

Net Loans and advances increased by 4.8 per cent to OMR 7,177 million as against OMR 6,848 million as at 30 June 2016.

Customer deposits decreased by 4.9 per cent to OMR 6,571 million as against OMR 6,908 million as at 30 June 2016.

Islamic financing receivables amounted to OMR 915 million as of 30 June 2017 compared to OMR 749 million in the same period of 2016. Islamic customer deposits amounted to OMR 906 million as of 30 June 2017 compared to OMR 733 million reported for the same period in 2016.

The full results of the six month period ended 30 June 2017 along with complete set of unaudited financial statements will be released after the approval of the Board of Directors of the Bank at its meeting scheduled later in July 2017.

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