Bank Muscat Posts A Net Profit Of 43.8 Million In Q1, 2016

Net Interest Income from Conventional Banking and Income from Islamic financing stood at OMR 68.04 million for the three months of 2016 compared to OMR 61.56 million for the same period in 2015, an increase of 10.5 per cent.

Non-interest income at OMR 40 million was higher by 10.5 per cent compared to OMR 36.19 million for the three months ended 31 March 2015. Operating expenses for the three month period ended 31 March 2016 at OMR 43.44 million was higher by 3.6 per cent as compared to OMR 41.95 million for the same period of 2015.

Impairment for credit losses for the three month period in 2016 was OMR 16.95 million as against OMR 12.84 million for the same period in 2015. Recoveries from impairment for credit losses were OMR 5.4 million for the three month period in 2016 as against OMR 7.22 million for the same period in 2015. Share of income from associates for the first quarter of 2016 was a loss of OMR 0.22 million as against a share of profit of OMR 0.48 million for the same period of 2015.

Net Loans and advances from conventional operation increased by 6.9 per cent to OMR 6,917 million as at 31 March 2016 as against OMR 6,472 million as at 31 March 2015. Customer deposits, including CDs from the conventional operations increased by seven per cent to OMR 6,974 million as at 31 March 2016 as against OMR 6,519 million as at 31 March 2015.

Islamic financing receivables amounted to OMR 665 million as at 31 March 2016 compared to OMR 432 million as at 31 March 2015. Islamic Banking customer deposits amounted to OMR 678 million as of 31 March 2016 compared to OMR 308 million as at 31 March 2015.

The basic earnings per share for the quarter ended 31 March 2016 was OMR 0.018 as against OMR 0.018 for the quarter ended 31 March 2015. The bank’s capital adequacy ratio stood at 16.13 per cent as at 31 March 2016 against the minimum required level of 12.625 per cent as per Basel III regulations issued by the Central Bank of Oman.

Originally published on www.cpifinancial.net