Bank Muscat reports net profit of OMR90.47m

Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the six months ended on June 30, 2016. The bank posted net profit of OMR90.47million for the period compared to OMR89.82 million reported during the same period in 2015, an increase of 0.7 per cent.
The bank in s press statement said that the net interest income from conventional banking stood at OMR124.42 million for the six months of 2016 compared to OMR115.45 million for the same period of 2015,an increase of 7.8 per cent.
Net income from Islamic financing was OMR11.76 million for the six months of 2016 compared to OMR9.21 million for the same period of 2015, an increase of 27.7 per cent.
Non-interest income at OMR74.58 million for the six month period ended on June 30, 2016 was lower by 1.2per cent compared to OMR75.51 million for the same period in 2015.
Operating expenses for the six month period ended on June30, 2016 was OMR86.12 million as compared to OMR84.13 million for the same period in 2015, an increase of 2.4 per cent.
Impairment for credit losses for the six month period in 2016 was OMR32.72 million as against OMR27.60 million for the same period in 2015. Recoveries from impairment for credit losses was OMR15.66 million for the six month period of 2016as against OMR16.49 million for the same period in 2015. Share of income from an associate for the six months period in 2016 was OMR481,000 against OMR1.07 million for the same period in 2015.
Net Loans and advances increased by 7.1 per cent to OMR6,848 million as against OMR6,392 million as of June30, 2015. Customer deposits decreased by 0.1 per cent to OMR6,908 million as against OMR6,914 million as of June 30, 2015.
Islamic financing receivables amounted to OMR749 million as of June 30, 2016 compared to OMR465 million in the same period of 2015. Islamic customer deposits amounted to OMR733 million as of June 30, 2016 compared to OMR510 million reported in June 30, 2015.