BankMuscat (S.A.O.G)

Management Reports • Jan 15, 2024

National Storage Mechanism | Additional information

RNS Number : 6116Z

BankMuscat (S.A.O.G)

14 January 2024

Bank Muscat announces preliminary unaudited results for the year ended

31 December 2023

Net Profit at RO 212.45 million

MUSCAT, 14 January, 2024: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the year ended 31 December 2023. The Bank posted a net profit of RO 212.45 million for the period compared to RO 200.75 million reported during the same period in 2022, an increase of 5.8 per cent.

The key highlights of the results for the year are as follows:

1)  Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 374.82 million for the year ended 31 December 2023 compared to RO 344.86 million for the same period in 2022, an increase of 8.7 per cent.

2)  Non-interest income was RO 138.0 million for the year ended 31 December 2023 as compared to RO 135.18 million for the same period in 2022, an increase of 2.1 per cent.

3)  Operating expenses for the year ended 31 December 2023 was RO 196.39 million as compared to RO 184.52 million for the same period in 2022, an increase of 6.4 per cent.

4)  Net Impairment for credit and other losses for the year ended 31 December 2023 was RO 64.66 million as against RO 59.94 million for the same period in 2022.

5)  Net Loans and advances including Islamic financing receivables increased by 4.9 per cent to RO 9,877 million as against RO 9,417 million as at 31 December 2022.

6)  Customer deposits including Islamic Customer deposits increased by 9.1 per cent to RO 9,438 million as against RO 8,647 million as at 31 December 2022.

Key highlights of preliminary unaudited results

Particulars (RO millions) For the period ended	31 Dec 2023	31 Dec 2022	Change (%)
Net interest income & Islamic financing income	374.82	344.86	8.7%
Other operating income	138.00	135.18	2.1%
Operating expenses	196.39	184.52	6.4%
Operating profit	316.43	295.52	7.1%
Net profit	212.45	200.75	5.8%
Particulars (RO millions) as at	31 Dec 2023	31 Dec 2022	Change (%)
Total Assets	13,662	12,776	6.9%
Net loans and Islamic financing	9,877	9,417	4.9%
-    Conventional loans and advances	8,350	7,968	4.8%
-    Islamic financing receivables	1,527	1,449	5.4%
Customer deposits and Islamic deposits	9,438	8,647	9.1%
-    Conventional customer deposits	8,170	7,410	10.3%
-    Islamic customer deposits	1,268	1,237	2.5%
Total Equity attributable to equity holders	1,852	1,727	7.2%

The full results for the year ended 31 December 2023 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 January 2024.

Waleed K. Al Hashar

Chief Executive Officer

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