Bank Muscat Q3 Net Rises To RO 104.19 Million

bank muscat announced here yesterday its preliminary results for the nine months ended 30 September 2012.

The bank posted a net profit of RO 104.19 million for the period compared to RO 87.13 million reported during the same period in 2011, an increase of around 20 per cent.

Net interest income at RO 168.28 million for the nine months of 2012 compared to RO 159.91 million for the same period of 2011, an increase of 5.2 per cent. Excluding a one-off positive impact in the net interest income in the 9-month period in 2011, the same would have increased by 9.3 per cent.

At the same time non-interest income at RO 67.43 million was higher by about 11 per cent compared to RO 60.77 million for the nine months ended 30 September 2011.

Operating expenses for the nine-month period ended September 30, 2012 at RO 98.93 million as compared to RO 90.79 for the same period in 2011, led to an increase of 9 per cent.

Increase in operating expenses is mainly attributable to increase in manpower cost.

According to the bank, Impairment for credit losses for the nine-month period in 2012 was RO 40.87 million as against RO 40.95 million for the same period in 2011.

Net loans and advances increased by 18 per cent to RO 5,359 million as against RO 4,537 million as at the end of the third quarter.

Customer deposits, including CDs, increased by 5 per cent to RO 4,955 million as against RO 4,723 million as at September 30, 2011. The increase was largely driven by demand and saving deposits.

Omanobserver