Bank Muscat posts OMR102m profit [Times of Oman]
(Times of Oman Via Acquire Media NewsEdge) Muscat: Bank Muscat, the flagship financial institution in the Sultanate, announced its Q3 financial results yesterday, approved by the board of directors, as per which the bank posted a net profit of OMR102.51 million for the first nine months of 2013, compared to OMR104.19 million during the same period in 2012.
Sheikh Khalid bin Mustahail Al Mashani, Chairman of Bank Muscat, said, "The key business lines of the bank maintained momentum during the period. Going forward, the bank will continue its growth in line with market conditions and prudent policies."
An exceptional operating loss provision of OMR15 million relating to the Prepaid Travel Card fraud incident, as disclosed to the market on February 25 and 26, 2013, was considered in first quarter of 2013. The bank is working to recover the loss arising from this exposure.
Net interest income from conventional banking stood at OMR163.83 million for the first nine months of 2013, compared to OMR168.28 million for the same period of 2012, a decrease of 2.6 per cent. The net income from Islamic financing for the nine months of 2013 stood at OMR8.1 million.
Non-interest income at OMR78.16 million was higher by about 16 per cent, compared to OMR67.43 million for the nine months ended September 30, 2012. Operating expenses for the same nine-month period at OMR123.02 million, when compared to OMR98.93 for the same period last year, reflected an increase of 24.3 per cent (including prepaid travel card operating loss provision).
Excluding this operating loss provision, the bank's operating expenses would have increased by 9.2 per cent as compared to the same period in 2012.
Impairment for credit losses for the nine-month period in 2013 was OMR26.42 million as against OMR40.87 million for the same period in 2012.
Recoveries from impairment for credit losses was OMR20.61 million, as against OMR25.53 million for the first nine months of last year. Share of profit from associates achieved during the first nine months was OMR349K, compared to share of loss of OMR1,515K during the same period last year.
Net loans and advances increased by seven per cent to OMR5,741 million as against OMR5,359 million on September 30, 2012. Customer deposits, including CDs, increased by 11.5 per cent to OMR5,527 million as against OMR4,955 million during the same period.
Islamic financing receivables amounted to OMR247 million while Islamic Banking customer deposits amounted to OMR124 million during the first nine months of 2013.
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