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Bank Muscat (S.A.O.G) announced its preliminary unaudited results for the year ended 31 December 2022. The Bank reported a net profit of RO 200.75 million for the period, which is a 5.9 per cent increase compared to RO 189.63 million reported for the same period in 2021.
| Date | 16 Jan 2023 |
| Time | 07:00:02 |
| Category | Results |
| ID | 7475M |
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