Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the year ended 31 December 2015. The financial results are subject to approval of External Auditors, Board of Directors, Central Bank of Oman and shareholders of the Bank.
The Bank posted net profit of RO 175.45 million for the period compared to RO 163.23 million reported during the same period in 2014, an increase of 7.5 per cent.
The key highlights of the results for the period are as follows:
- Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 260.51 million for the year of 2015 compared to RO 243.64 million for the same period of 2014, an increase of 6.9 per cent.
- Non-interest income at RO 147.23 million was higher by 5.6 per cent compared to RO 139.47 million for the year ended 31st December 2014.
- Operating expenses for the year ended 31st December 2015 at RO 171.06 million was higher by 8.3 per cent as compared to RO 157.89 million for the same period in 2014.
- Impairment for credit losses for the year of 2015 was RO 71.98 million as against RO 64.33 million for the same period in 2014. Recoveries from impairment for credit loss was RO 35.88 million for the year of 2015 as against RO 26.06 million for the same period in 2014.
- Share of income from associates for the year of 2015 was RO 2.56 million against RO 1.52 million for the same period in 2014.
- Net Loans and advances from conventional operation increased by 4.9 per cent to RO 6,695 million as against RO 6,386 million as at 31st December 2014.
- Customer deposits, including CDs from the conventional operations increased by 6.2 per cent to RO 6,738 million as against RO 6,345 million as at 31st December 2014.
- Islamic financing receivables amounted to RO 635 million of 31st December 2015 compared to RO 400 million in the same period of 2014. Islamic Banking customer deposits amounted to RO 625 million as of 31st December 2015 compared to RO 283 million reported in 31st December 2014.
YTD December 2015 versus YTD December 2014
|Key figures for the preliminary unaudited results||Year ended Dec 2015
|Year ended Dec 2014
|Net interest income||241.9||226.9||6.6%|
|Income from Islamic Financing||18.6||16.7||11.6%|
|Total net interest income and income from Islamic Financing||260.5||243.6||6.9%|
|Other operating income||147.2||139.5||5.6%|
|Net loans and advances||6,695||6,386||4.9%|
|Net Islamic financing||635||400||58.8%|
|Total net Loans and Islamic financing||7,330||6,786||8.0%|
|Customer deposits & CD||6,738||6,345||6.2%|
|Total customer deposits and Islamic deposits||7,363||6,628||11.1%|
The full results of the year ended 31st December 2015 along with complete set of financial statements will be released post approval of the Board of directors of the Bank at its meeting scheduled later during January 2016.