Bank Muscat Reports Increased Net Profit and Deposits in Q3 2024
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)
