Bank Muscat announces preliminary unaudited results for the three months ended 31 March 2024
Net Profit at RO 54.24 million
MUSCAT, 15 April, 2024: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the three months ended 31 March 2024. The Bank posted a net profit of RO 54.24 million for the period compared to RO 51.30 million reported during the same period in 2023, an increase of 5.7 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 95.45 million for the three months period ended 31 March 2024 compared to RO 91.71 million for the same period in 2023, an increase of 4.1 per cent.
2) Non-interest income was RO 37.25 million for the three months period ended 31 March 2024 as compared to RO 31.50 million for the same period in 2023, an increase of 18.3 per cent. This increase was due to overall improvement in various business lines and volume increase.
3) Operating expenses for the three months period ended 31 March 2024 was RO 51.80 million as compared to RO 48.70 million for the same period in 2023, an increase of 6.4 per cent.
4) Net Impairment for credit losses for the three months period ended 31 March 2024 was RO 16.13 million as against RO 14.44 million for the same period in 2023.
5) Net Loans and advances including Islamic financing receivables increased by 1.0 per cent to RO 9,854 million as against RO 9,762 million as at 31 March 2023.
6) Customer deposits including Islamic Customer deposits increased by 8.4 per cent to RO 9,750 million as against RO 8,992 million as at 31 March 2023.
Key highlights of preliminary unaudited results
| Particulars (RO millions) For the period ended | 31 Mar 2024 | 31 Mar 2023 | Change (%) |
| Net interest income & Islamic financing income | 95.45 | 91.71 | 4.1% |
| Other operating income | 37.25 | 31.50 | 18.3% |
| Operating expenses | 51.80 | 48.70 | 6.4% |
| Operating profit | 80.90 | 74.51 | 8.6% |
| Net profit | 54.24 | 51.30 | 5.7% |
| Particulars (RO millions) As at period ended | 31 Mar 2024 | 31 Mar 2023 | Change (%) |
| Total Assets | 14,003 | 13,076 | 7.1% |
| Net loans and Islamic financing | 9,854 | 9,762 | 1.0% |
| - Conventional loans and advances | 8,327 | 8,289 | 0.5% |
| - Islamic financing receivables | 1,527 | 1,473 | 3.7% |
| Customer deposits and Islamic deposits | 9,750 | 8,992 | 8.4% |
| - Conventional customer deposits | 8,410 | 7,780 | 8.1% |
| - Islamic customer deposits | 1,340 | 1,212 | 10.6% |
| Total Equity* | 2,301 | 2,173 | 5.9% |
\* Total Equity includes Perpetual Tier I capital of RO 505 million (2023: RO 505 million).
The full results for the three months period ended 31 March 2024 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 2024.
Waleed K. Al Hashar
Chief Executive Officer
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