Bank Muscat posted a net profit of RO 51.30 million during the first quarter of 2023 compared to RO 48.26 million reported during the same period in 2022, constituting an increase of 6.3%, according to the preliminary unaudited results announced by the bank.
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 91.71 million for the three months period ended on 31 March 2023 compared to RO 82.08 million for the same period in 2022, comprising an increase of 11.7%.
Non-interest income stood at RO 31.50 million for the three months period ended on 31 March 2023 as compared to RO 31.83 million for the same period in 2022.
Operating expenses reached RO 48.70 million compared to RO 45.76 million for the same period in 2022, comprising an increase of 6.4%.
Net Impairment for credit and other losses for the three months period ended on 31 March 2023 stood at RO 13.69 million compared to RO 12.0 million for the same period in 2022.
Net Loans and advances, including Islamic financing receivables increased by 8.4% to RO 9,765 million compared to RO 9,009 million by the end of March 2022.
Customer deposits, including Islamic Customer deposits increased by 1.6% to RO 8,992 million compared to RO 8,853 million during the corresponding period in 2022.
Source: Oman News Agency