REG - BankMuscat (S.A.O.G) - Preliminary unaudited results for Q1 2023

Bank Muscat SAOGAnnouncement

17/04/2023 08:15

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RNS Number : 3400W  BankMuscat (S.A.O.G)  16 April 2023

 

 

Bank Muscat announces preliminary unaudited results for the three months ended
31 March 2023

Net Profit at RO 51.30 million

 

MUSCAT, 16 April, 2023: Bank Muscat, the flagship financial institution in the
Sultanate, announced its preliminary unaudited results for the three months
ended 31 March 2023. The Bank posted a net profit of RO 51.30 million for the
period compared to RO 48.26 million reported during the same period in 2022,
an increase of 6.3 per cent.

 

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 91.71 million for the three months period ended 31 March
2023 compared to RO 82.08 million for the same period in 2022, an increase of
11.7 per cent.

 

2)  Non-interest income was RO 31.50 million for the three months period
ended 31 March 2023 as compared to RO 31.83 million for the same period in
2022.

 

3)  Operating expenses for the three months period ended 31 March 2023 was RO
48.70 million as compared to RO 45.76 million for the same period in 2022, an
increase of 6.4 per cent.

 

4)  Net Impairment for credit and other losses for the three months period
ended 31 March 2023 was RO 13.69 million as against RO 12.0 million for the
same period in 2022.

 

5)  Net Loans and advances including Islamic financing receivables increased
by 8.4 per cent to RO 9,765 million as against RO 9,009 million as at 31 March
2022.

 

6)  Customer deposits including Islamic Customer deposits increased by 1.6
per cent to RO 8,992 million as against RO 8,853 million as at 31 March 2022.

 

Key highlights of preliminary unaudited results

 Particulars (RO millions)                           31 Mar    31 Mar    Change (%)

 For the period ended                                2023      2022
 Net interest income & Islamic financing income       91.71     82.08    11.7%
 Other operating income                               31.50     31.83    -1.0%
 Operating expenses                                   48.70     45.76    6.4%
 Operating profit                                     74.51     68.15    9.3%
 Net profit                                           51.30     48.26    6.3%
  Particulars (RO millions) as at                    31 Mar    31 Mar    Change (%)

                                                     2023      2022
 Total Assets                                         13,079    12,806   2.1%
 Net loans and Islamic financing                      9,765     9,009    8.4%
 -    Conventional loans and advances                 8,292     7,635    8.6%
 -    Islamic financing receivables                   1,473     1,374    7.2%
 Customer deposits and Islamic deposits               8,992     8,853    1.6%
 -    Conventional customer deposits                  7,780     7,657    1.6%
 -    Islamic customer deposits                       1,212     1,196    1.3%
 Total Equity*                                        2,173     2,091    3.9%

 

* Total equity includes Perpetual Tier I capital of RO 505 million (2022: RO
130 million).

 

 

 

 

 

The full results for the three months period ended 31 March 2023 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 April 2023.

 

 

 

 

Waleed K. Al Hashar

Chief Executive Officer

 

 

 

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