Bank Muscat, Oman’s largest lender by assets, has achieved significant figures in the first nine months of 2024. The bank’s net profit reached 170.79 million Omani rials ($443 million), reflecting a 7.5% increase compared to the previous year.
Net interest income from conventional banking and net income from Islamic financing also amounted to 294 million Omani rials ($764 million), showing a 4.6% increase. The net impairment for credit and other losses decreased to 45 million Omani rials ($116 million), compared to 49.25 million Omani rials ($128 million) in the previous year.
Net loans and advances, including Islamic financing receivables, rose by 4% to 10.27 billion Omani rials ($26.64 billion). Additionally, customer deposits, including Islamic deposits, increased by 6.6% to 10.1 billion Omani rials ($26.23 billion).
The following table summarizes key financial information for Bank Muscat in the first nine months of 2024:
| Financial Indicator | Amount | Change Compared to Previous Year |
|---|---|---|
| Net Profit | 170.79 million Omani rials ($443 million) | + 7.5% |
| Net Interest Income | 294 million Omani rials ($764 million) | + 4.6% |
| Net Impairment for Credit and Other Losses | 45 million Omani rials ($116 million) | Decrease from 49.25 million Omani rials ($128 million) last year |
| Net Loans and Advances | 10.27 billion Omani rials ($26.64 billion) | + 4% |
| Customer Deposits | 10.1 billion Omani rials ($26.23 billion) | + 6.6% |
These figures indicate a positive performance by the bank in various financial aspects, highlighting the increase in net profit and deposits.
source: Bank Muscat Reports Increased Net Profit and Deposits in Q3 2024 (zawya.com)
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