bank muscat announces preliminary results for the year ended 31st December 2016
YTD Net Profit at RO 176.56 million
MUSCAT, 15 January, 2017: bank muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the year ended 31st December 2016. 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 176.56 million for the period compared to RO 175.45 million reported during the same period in 2015, an increase of 0.6 per cent.
The key highlights of the results for the period are as follows:
1) Net Interest Income from Conventional Banking and Income from Islamic Financing stood at RO 274.15 million for the year 2016 compared to RO 260.51 million for the same period in 2015, an increase of 5.2 per cent.
2) Non-interest income at RO 142.03 million was lower by 3.5 per cent compared to RO 147.23 million for the year ended 31st December 2015.
3) Operating expenses for the year ended 31st December 2016 at RO 174.08 million was marginally higher by 1.8 per cent as compared to RO 171.06 for the same period in 2015.
4) Impairment for credit losses for the year of 2016 was RO 70.29 million as against RO 71.98 million for the same period in 2015. Recoveries from impairment for credit loss was RO 35.51 million for the year of 2016 as against RO 35.88 million for the same period in 2015.
5) Share of income from associates for the year of 2016 was RO 1.73 million against RO 2.56 million for the same period in 2015.
6) Net Loans and advances from conventional operation increased by 6.1 per cent to RO 7,102 million as against RO 6,695 million as at 31st December 2015.
7) Customer deposits from the conventional operations decreased by 0.6 per cent to RO 6,695 million as against RO 6,738 million as at 31st December 2015.
8) Islamic financing receivables amounted to RO 855 million of 31st December 2016 compared to RO 635 million in the same period of 2015. Islamic Banking customer deposits amounted to RO 763 million as of 31st December 2016 compared to RO 625 million reported in 31st December 2015.
YTD December 2016 versus YTD December 2015
| Key figures for the preliminary results | For the year ended 31st Dec 2016 (RO millions) | For the year ended 31st Dec 2015 (RO millions) | Change (%) |
| Net interest income | 250.6 | 241.8 | 3.6% |
| Income from Islamic Financing | 23.6 | 18.7 | 26.4% |
| Total net interest income and income from Islamic financing | 274.2 | 260.5 | 5.2% |
| Other operating income | 142.0 | 147.2 | -3.5% |
| Operating expenses | 174.1 | 171.1 | 1.8% |
| Operating profit | 242.1 | 236.6 | 2.3% |
| Net profit | 176.6 | 175.5 | 0.6% |
| | | | |
| | As at 31st Dec 2016 (RO millions) | As at 31st Dec 2015 (RO millions) | Change (%) |
| Net loans and advances | 7,102 | 6,695 | 6.1% |
| Net Islamic financing | 855 | 635 | 34.6% |
| Total net loans and Islamic financing | 7,957 | 7,330 | 8.6% |
| Customer deposits & CD | 6,695 | 6,738 | -0.6% |
| Islamic deposits | 763 | 625 | 22.1% |
| Total customer deposits and Islamic deposits | 7,458 | 7,363 | 1.3% |
The full results of the year ended 31st December 2016 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 2017.
...Ends…
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.