By Andrei Skvarsky.
Bank Muscat, Oman’s biggest lender, said preliminary unaudited statistics for the period from January to September 2023 show a net profit of 158.9m rials ($412.5m), marking a year-over-year increase of 7.1 per cent.
The bank’s net interest income from conventional banking and net income from Islamic financing together amounted to 281m rials ($729.7m), being up 10.2 per cent on the same nine months of 2022, according to the statistics as cited in a statement from the institution.
The bank’s operating expenses totalled 146.5m rials ($380.5m), having risen 4.7 per cent YoY.
Its net loans, including Islamic receivables, had gone up 6.9 per cent to 9.9bn rials ($25.5bn).
Meanwhile, the bank’s net impairment for credit and other losses increased 12.8 per cent YoYto 46.9m rials ($121.8m), the statement said.
According to Forbes Middle East, Bank Muscat is the largest bank in Oman by total assets. The magazine puts the bank’s total assets for 2022 at $33.2bn and says the institution has 2.4m customers.
According to the Financial Times, Bank Muscat has a large network of branches and electronic channels in Oman, has branches in Saudi Arabia and Kuwait and representative offices in Dubai, Iran and Singapore, and owns a brokerage and investment banking entity, Muscat Capital LLC, in Saudi Arabia.
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