MUSCAT: Bank Muscat, the leading financial institution in the Sultanate, posted a net profit of OMR176.56 million for 2016 compared to OMR175.45 million reported in 2015, an increase of 0.6 per cent. Net interest income of the bank from conventional banking and income from Islamic financing stood at OMR274.15 million for 2016 compared to OMR260.51 million for the same period in 2015, an increase of 5.2 per cent. The bank’s non-interest income at OMR142.03 million was lower by 3.5 per cent compared to OMR147.23 million for the year ended December 31, 2015. Operating expenses for the year ended December, 2016 at OMR174.08 million was marginally higher by 1.8 per cent as compared to OMR171.06 for the same period in 2015.
Bank Muscat’s impairment for credit losses for the year of 2016 was OMR70.29 million as against OMR71.98 million for the same period in 2015, while recoveries from impairment for credit loss was OMR35.51 million for 2016 as against OMR35.88 million for the same period in 2015. Share of income from associates for 2016 was OMR1.73 million against OMR2.56 million for the same period in 2015. Net loans and advances from conventional operation increased by 6.1 per cent to OMR7,102 million as against OMR6,695 million as at December 31, 2015. Customer deposits from conventional operations declined by 0.6 per cent to OMR6,695 million as against OMR6,738 million by end-December 2015.
Islamic financing receivables amounted to OMR855 million of December 31, 2016 compared to OMR635 million in the same period of 2015. Islamic banking customer deposits amounted to OMR763 million as of December 31, 2016 compared to OMR625 million reported in December 31, 2015. The preliminary financial results announced by the bank for the year 2016 are subject to approval of external auditors, board of directors, Central Bank of Oman and shareholders of the bank.
