(MENAFN- Muscat Daily) Muscat- Bank Muscat has reported a net profit of RO179.63mn for the year ended December 31, 2018 compared to RO176.82mn net profit posted for the previous year, an increase of 1.6 per cent.
The bank announced its unaudited preliminary results for 2018 on Tuesday. Preliminary results are subject to approval of external auditors, board of directors, the Central Bank of Oman and shareholders of the bank, Bank Muscat said in a press release.
Bank Muscat's net interest income from conventional banking and income from Islamic financing stood at RO304.29mn for 2018 compared to RO281.35mn in 2017, an increase of 8.2 per cent. Non-interest income at RO142.45mn was lower by 7.9 per cent compared to RO154.62mn for the year ended December 31, 2017. Income in 2017 included one-off investment gain of RO12.8mn on sale of certain investments, the bank said.
The bank's operating expenses for 2018 at RO190.34mn was higher by 3.4 per cent as compared to RO184.08mn for the previous year. Net impairment and other losses for the year 2018 was at RO42.54mn as against RO43.28mn for the same period in 2017.
Bank Muscat's net loans and advances, including Islamic financing receivables, increased by 7.3 per cent to RO8.93bn at the end of 2018 as against RO8.32bn as at December 31, 2017.
Customer deposits, including Islamic customer deposits, increased by 14.1 per cent to RO8.46bn as against RO7.41bn as at December 31, 2017. 'The main reason for a substantial increase in customer deposits in the last quarter of 2018 was due to an increase in short term deposits which are transit in nature,' the bank said.
Bank Muscat said the full results for the year 2018 along with complete set of financial statements will be released post approval of the board of directors of the bank at its meeting scheduled later this month.
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