Bank muscat SAOG : posts net profit of RO 140.16 million for the nine months ended 30 September 2021
October 14, 2021 at 08:32 am
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MUSCAT, 14 October 2021
Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the nine months ended 30 September 2021. The bank posted a net profit of RO 140.16 million for the period compared to RO 113.21 million reported during the same period in 2020, an increase of 23.8 per cent, mainly due to lower impairment charges.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 252.48 million for the nine months period ended 30 September 2021 compared to RO 240.07 million for the same period in 2020, an increase of 5.2 per cent.
2) Non-interest income was RO 105.85 million for the nine months period ended 30 September 2021 as compared to RO 96.72 million for the same period in 2020, an increase of 9.4 per cent.
3) Operating expenses for the nine months period ended 30 September 2021 was RO 144.33 million as compared to RO 137.19 million for the same period in 2020, an increase of 5.2 per cent.
4) Net Impairment for credit and other losses for the nine months period in 2021 was RO 46.77 million as against RO 64.82 million for the same period in 2020. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during first half of 2020, due to the onset of the Covid-19 pandemic and the historic decline seen in global crude oil prices. The bank remains vigilant of the continuing stress in the macro-economic and business conditions and its potential impacts.
5) Net Loans and advances including Islamic financing receivables increased by 2.9 per cent to RO 9,156 million as against RO 8,895 million as at 30 September 2020.
6) Customer deposits including Islamic Customer deposits decreased by 1.1 per cent to RO 8,698 million as against RO 8,795 million as at 30 September 2020.
The full results for the nine months ended 30 September 2021 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during October 2021.
Key highlights of preliminary unaudited results
Particulars (RO millions)
For the period ended
30 Sep
2021
30 Sep
2020
Change (%)
Net interest income & Islamic financing income
252.48
240.07
5.2%
Other operating income
105.85
96.72
9.4%
Operating expenses
144.33
137.19
5.2%
Operating profit
214.00
199.60
7.2%
Net profit
140.16
113.21
23.8%
Particulars (RO millions) as at
30 Sep
2021
30 Sep
2020
Change (%)
Total Assets
12,819
12,711
0.8%
Net loans and Islamic financing
9,156
8,895
2.9%
Conventional loans and advances
7,803
7,680
1.6%
Islamic financing receivables
1,353
1,215
11.4%
Customer deposits and Islamic deposits
8,698
8,795
-1.1%
Conventional customer deposits
7,550
7,765
-2.8%
Islamic customer deposits
1,148
1,030
11.5%
Total Equity
2,102
1,995
5.4%
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Bank Muscat SAOG published this content on 14 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 12:31:04 UTC.
Bank Muscat SAOG is an Oman-based Sharia compliant financial institution. It specializes in corporate banking, personal banking, investment banking, Islamic banking, treasury, private banking and asset management. It operates through five business segments: Corporate, Consumer, Wholesale, International and Islamic Banking. The Bank provides a variety of customers with a wide range of products and services, such as different kind of accounts, loans, cards, insurance policies, expat services, asset management and investments in private equities and funds, among others. The Bank has a large network of branches and electronic channels in Oman, as well as branches in Saudi Arabia, Kuwait and representative offices in Dubai (United Arab Emirates), Iran and Singapore. The Bank also owns Muscat Capital LLC, a brokerage and investment banking entity operating in Saudi Arabia.