Bank Muscat announces preliminary unaudited results for the three months ended 31 March 2022
Net Profit at RO 48.26 million
MUSCAT, 14 April, 2022: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the three months ended 31 March 2022. The Bank posted a net profit of RO 48.26 million for the period compared to RO 47.15 million reported during the same period in 2021, an increase of 2.4 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 82.08 million for the three months period ended 31 March 2022 compared to RO 83.74 million for the same period in 2021, a decrease of 2.0 per cent due to higher interest expenses.
2) Non-interest income was RO 37.02 million for the three months period ended 31 March 2022 as compared to RO 37.68 million for the same period in 2021.
3) Operating expenses for the three months period ended 31 March 2022 was RO 50.95 million as compared to RO 47.11 million for the same period in 2021, an increase of 8.2 per cent.
4) Net Impairment for credit and other losses for the three months period ended 31 March 2022 was RO 12.00 million as against RO 18.08 million for the same period in 2021.
5) Net Loans and advances including Islamic financing receivables decreased by 2.8 per cent to RO 9,013 million as against RO 9,277 million as at 31 March 2021.
6) Customer deposits including Islamic Customer deposits increased by 4.8 per cent to RO 8,853 million as against RO 8,446 million as at 31 March 2021.
Key highlights of preliminary unaudited results
| Particulars (RO millions) For the period ended | 31 Mar 2022 | 31 Mar 2021 | Change (%) |
| Net interest income & Islamic financing income | 82.08 | 83.74 | -2.0% |
| Other operating income | 37.02 | 37.68 | -1.8% |
| Operating expenses | 50.95 | 47.11 | 8.2% |
| Operating profit | 68.15 | 74.31 | -8.3% |
| Net profit | 48.26 | 47.15 | 2.4% |
| Particulars (RO millions) as at | 31 Mar 2022 | 31 Mar 2021 | Change (%) |
| Total Assets | 12,816 | 12,602 | 1.7% |
| Net loans and Islamic financing | 9,013 | 9,277 | -2.8% |
| - Conventional loans and advances | 7,639 | 7,959 | -4.0% |
| - Islamic financing receivables | 1,374 | 1,318 | 4.2% |
| Customer deposits and Islamic deposits | 8,853 | 8,446 | 4.8% |
| - Conventional customer deposits | 7,657 | 7,372 | 3.9% |
| - Islamic customer deposits | 1,196 | 1,074 | 11.4% |
| Total Equity attributable to equity holders | 1,960 | 1,878 | 4.4% |
The full results for the three months period ended 31 March 2022 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 2022.
Waleed K. Al Hashar
Chief Executive Officer
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