REG - BankMuscat (S.A.O.G) - bankmuscat announces preliminary results Q3 2016 <Origin Href="QuoteRef">BMAO.OM</Origin>

Bank Muscat SAOGAnnouncement

12/10/2016 12:05

RNS Number : 3700M
BankMuscat (S.A.O.G)
12 October 2016
bank muscat announces preliminary results for the nine months ended 
30th September 2016
MUSCAT, 12 October, 2016: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the nine months ended 30th September 2016. The bank posted a net profit of RO 136.91 million for the period compared to RO 136.23 million reported during the same period in 2015.
 
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking stood at RO 187.95 million for the nine months of 2016 compared to RO 176 million for the same period of 2015, an increase of 6.8 per cent. Net income from Islamic financing was RO 17.78 million for the nine months of 2016 compared to RO 13.68 million for the same period of 2015, an increase of 30.0 per cent.
2) Non-interest income was RO 108.47 million for the nine month period ended 30 September 2016 compared to RO 112.87 million for the same period in 2015. 
3) Operating expenses for the nine month period ended 30 September 2016 was RO 129.02 million as compared to RO 126 million for the same period in 2015, an increase of 2.4 per cent. 
4) Impairment for credit losses for the nine month period in 2016 was RO 46.96 million as against RO 42.74 million for the same period in 2015. Recoveries from impairment for credit losses was RO 22.69 million for the nine month period of 2016 as against RO 25.54 million for the same period in 2015. 
5) Share of income from an associate for the nine months period in 2016 was RO 1.09 million as against RO 1.85 million for the same period in 2015.
6) Net Loans and advances increased by 7.1 per cent to RO 7,032 million as against RO 6,566 million as at 30 September 2015.
7) Customer deposits increased by 0.8 per cent to RO 6,831 million as against RO 6,778 million as at 30 September 2015.
8) Islamic financing receivables amounted to RO 782 million as of 30 September 2016 compared to RO 482 million in the same period of 2015. Islamic customer deposits amounted to RO 746 million as of 30 September 2016 compared to RO 549 million reported for the same period in 2015.
 YTD September 2016 versus YTD September 2015
Key figures for the preliminary results
9 months ended September 2016
RO (millions)
9 months ended September 2015
RO (millions) 
Change
(%)
Net interest income 
187.95 
176 
6.8%
Income from Islamic financing
17.78 
13.68 
30.0%
Total net interest income and income from Islamic financing
205.73 
189.68 
8.5%
Other operating income
108.47 
112.87 
-3.9%
Operating expenses
129.02 
126.00 
2.4%
Operating profit
185.18 
176.55 
4.9%
Net profit
136.91 
136.23 
0.5%
Net loans and advances 
7,032 
6,566 
7.1%
Net Islamic financing
782 
482 
62.1%
Total net loans and Islamic financing
7,814 
7,048 
10.9%
Customer deposits 
6,831 
6,778 
0.8%
Islamic deposits
746 
549 
36.0%
Total customer deposits and Islamic deposits
7,577 
7,327 
3.4%
The full results of the nine-month period ended 30th September 2016 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 during October 2016.
...Ends

This information is provided by RNS
The company news service from the London Stock Exchange
  END
QRTGGGBAUUPQGUP