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Bank Muscat (S.A.O.G) announced its preliminary unaudited results for the year ended 31 December 2023 on January 14, 2024. The bank reported a net profit of RO 212.45 million for 2023, a 5.8% increase from RO 200.75 million in 2022. Net loans and advances increased by 4.9% to RO 9,877 million, and customer deposits grew by 9.1% to RO 9,438 million as of 31 December 2023.
| Date | 15 Jan 2024 |
| Time | 07:00:01 |
| Category | Results |
| ID | 6116Z |
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