Bank Muscat announces preliminary unaudited results for the six months ended 30 June 2023
Net Profit at RO 104.32 million
MUSCAT, 13 July, 2023: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the six months ended 30 June 2023. The Bank posted a net profit of RO 104.32 million for the period compared to RO 99.26 million reported during the same period in 2022, an increase of 5.1 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 184.71 million for the six months period ended 30 June 2023 compared to RO 166.25 million for the same period in 2022, an increase of 11.1 per cent.
2) Non-interest income was RO 66.48 million for the six months period ended 30 June 2023 as compared to RO 71.04 million for the same period in 2022. Non-interest income for the previous comparative period included a one-time gain from sale of investments of RO 7.9 million. Excluding this, non-interest income has witnessed an increase of 5.3 per cent.
3) Operating expenses for the six months period ended 30 June 2023 was RO 97.44 million as compared to RO 92.30 million for the same period in 2022, an increase of 5.6 per cent.
4) Net Impairment for credit and other losses for the six months period ended 30 June 2023 was RO 30.11 million as against RO 28.40 million for the same period in 2022.
5) Net Loans and advances including Islamic financing receivables increased by 9.7 per cent to RO 9,878 million as against RO 9,002 million as at 30 June 2022.
6) Customer deposits including Islamic Customer deposits increased by 2.8 per cent to RO 9,083 million as against RO 8,834 million as at 30 June 2022.
Key highlights of preliminary unaudited results
| Particulars (RO millions) For the period ended | 30 Jun 2023 | 30 Jun 2022 | Change (%) |
| Net interest income & Islamic financing income | 184.71 | 166.25 | 11.1% |
| Other operating income | 66.48 | 71.04 | -6.4% |
| Operating expenses | 97.44 | 92.30 | 5.6% |
| Operating profit | 153.75 | 144.99 | 6.0% |
| Net profit | 104.32 | 99.26 | 5.1% |
| Particulars (RO millions) as at | 30 Jun 2023 | 30 Jun 2022 | Change (%) |
| Total Assets | 13,344 | 12,858 | 3.8% |
| Net loans and Islamic financing | 9,878 | 9,002 | 9.7% |
| - Conventional loans and advances | 8,329 | 7,576 | 9.9% |
| - Islamic financing receivables | 1,549 | 1,426 | 8.6% |
| Customer deposits and Islamic deposits | 9,083 | 8,834 | 2.8% |
| - Conventional customer deposits | 7,780 | 7,621 | 2.1% |
| - Islamic customer deposits | 1,303 | 1,213 | 7.4% |
| Total Equity* | 2,241 | 2,128 | 5.3% |
\* Total Equity includes Perpetual Tier I capital of RO 505 million (2022: RO 130 million).
The full results for the six months period ended 30 June 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 July 2023.
Waleed K. Al Hashar
Chief Executive Officer
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