PHOTO
Bank Muscat, Oman's biggest lender by assets, posted a net profit of 112.12 million rials ($291 million) in the six months ended June 30, 2023, 7.5% higher compared with the same period in 2023.
The lender said in a statement on the London Stock Exchange on Monday that net interest income from conventional banking and net income from Islamic financing stood at OMR 190.63 million for H1, up 3.2% year-on-year (YoY)
Non-interest income rose 13.2% to OMR 75.27 million for the period. Operating expenses was OMR 102.13 million as compared to OMR 97.44 million.
Net impairment for credit and other losses was OMR 29.96 million compared with OMR 30.11 million in the year-ago period.
Net Loans and advances, including Islamic financing receivables, rose 3.3% to OMR 10.209 billion as against OMR 9.880 billion. Customer deposits, including Islamic deposits, increased by 5.3% to OMR 9.563 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
