Unaudited results for year ended 31 December 2022

RNS Number : 7475M

BankMuscat (S.A.O.G)

16 January 2023

Bank Muscat announces preliminary unaudited results for the year ended

31 December 2022

Net Profit at RO 200.75 million

MUSCAT, 15 January, 2023: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the year ended 31 December 2022. The Bank posted a net profit of RO 200.75 million for the period compared to RO 189.63 million reported during the same period in 2021, an increase of 5.9 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 344.86 million for the year ended 31 December 2022 compared to RO 335.54 million for the same period in 2021, an increase of 2.8 per cent.

2) Non-interest income was RO 157.96 million for the year ended 31 December 2022 as compared to RO 139.94 million for the same period in 2021, mainly due to higher income from sale of investments.

3) Operating expenses for the year ended 31 December 2022 was RO 207.30 million as compared to RO 191.46 million for the same period in 2021, an increase of 8.3 per cent.

4) Net Impairment for credit and other losses for the year ended 31 December 2022 was RO 59.94 million as against RO 60.22 million for the same period in 2021.

5) Net Loans and advances including Islamic financing receivables increased by 2.4 per cent to RO 9,414 million as against RO 9,191 million as at 31 December 2021.

6) Customer deposits including Islamic Customer deposits decreased by 1.5 per cent to RO 8,647 million as against RO 8,775 million as at 31 December 2021.

Key highlights of preliminary unaudited results:

Particulars (RO millions) For the period ended	31 Dec 2022	31 Dec 2021	Change (%)
Net interest income & Islamic financing income	344.86	335.54	2.8%
Other operating income	157.96	139.94	12.9%
Operating expenses	207.30	191.46	8.3%
Operating profit	295.52	284.02	4.0%
Net profit	200.75	189.63	5.9%
Particulars (RO millions) as at	31 Dec 2022	31 Dec 2021	Change (%)
Total Assets	12,770	13,073	-2.3%
Net loans and Islamic financing	9,414	9,191	2.4%
- Conventional loans and advances	7,965	7,830	1.7%
- Islamic financing receivables	1,449	1,361	6.5%
Customer deposits and Islamic deposits	8,647	8,775	-1.5%
- Conventional customer deposits	7,410	7,604	-2.6%
- Islamic customer deposits	1,237	1,171	5.6%
Total Equity attributable to equity holders	1,724	2,021	-14.7%

The full results for the year ended 31 December 2022 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 2023.

Waleed K. Al Hashar

Chief Executive Officer

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FR EASFSFLKDEEA