Bank Muscat posts net profit of RO 94.65 million for the first half of 2021, an increase of 36.1 per cent

by | Jul 15, 2021 | 0 comments

MUSCAT – Bank Muscat announced its preliminary unaudited results for the six months ended 30 June 2021. The bank posted a net profit of RO 94.65 million for the period compared to RO 69.56 million reported during the same period in 2020, an increase of 36.1 per cent, mainly due to lower impairment charges.

The key highlights of the results for the period are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 168.44 million for the six months period ended 30 June 2021 compared to RO 160.53 million for the same period in 2020, an increase of 4.9 per cent.

Non-interest income was RO 74.70 million for the six months period ended 30 June 2021 as compared to RO 64.69 million for the same period in 2020, an increase of 15.5 per cent.

Operating expenses for the six months period ended 30 June 2021 was RO 95.12 million as compared to RO 94.03 million for the same period in 2020, an increase of 1.2 per cent.

Net Impairment for credit and other losses for the six months period in 2021 was RO 35.33 million as against RO 48.19 million for the same period in 2020. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during first half of 2020, due to the onset of the Covid-19 pandemic and the historic decline seen in global crude oil prices. The bank remains vigilant of the continuing stress in the macro-economic and business conditions and its potential impacts.

Net loans and advances including Islamic financing receivables increased by 2.7 percent to RO 9,238 million as against RO 8,996 million as at 30 June 2020

Customer deposits including Islamic customer deposits increased by 0.3 per cent to RO 8,670 million as against RO 8,645 million as at 30 June 2020

The full results for the six months ended 30 June 2021 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 2021.

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