MUSCAT: – Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the nine months ended 30 September 2023. The Bank posted a net profit of OMR 158.88 million for the period compared to OMR 148.29 million reported during the same period in 2022, an increase of 7.1 per cent.

The key highlights of the results for the period are as follows:

1) Net Interest Income from Conventional Banking and Net Income from Islamic
Financing stood at OMR 280.98 million for the nine months period ended 30
September 2023 compared to OMR 254.93 million for the same period in 2022, an
increase of 10.2 per cent.

2) Non-interest income was OMR 100.23 million for the nine months period ended 30
September 2023 as compared to OMR 100.69 million for the same period in 2022.
Non-interest income for the previous comparative period included a one-time
gain from sale of investments of around OMR 8 million. Excluding this, non-interest
income has witnessed an increase of 8.1 per cent.

3) Operating expenses for the nine months period ended 30 September 2023 was
OMR 146.48 million as compared to OMR 139.85 million for the same period in 2022,
an increase of 4.7 per cent.

4) Net Impairment for credit and other losses for the nine months period ended 30
September 2023 was OMR 46.91 million as against OMR 41.58 million for the same
period in 2022.

5) Net Loans and advances including Islamic financing receivables increased by 6.9
per cent to OMR 9,869 million as against OMR 9,229 million as at 30 September
2022.

6) Customer deposits including Islamic Customer deposits increased by 8.9 per cent
to OMR 9,485 million as against OMR 8,709 million as at 30 September 2022.
Key highlights of preliminary unaudited results
Particulars (OMR millions)
For the period ended

30 Sep
2023

30 Sep
2022
Change
(%)

Net interest income & Islamic financing
income

280.98 254.93 10.2%
Other operating income 100.23 100.69 -0.5%
Operating expenses 146.48 139.85 4.7%
Operating profit 234.73 215.77 8.8%
Net profit 158.88 148.29 7.1%
Particulars (OMR millions) 30 Sep 30 Sep Change

Official Use

This Document is classified as Official Use

As at period ended 2023 2022 (%)
Total Assets 13,521 12,742 6.1%
Net loans and Islamic financing 9,869 9,229 6.9%

• Conventional loans and advances 8,333 7,779 7.1%
• Islamic financing receivables 1,536 1,450 5.9%
  Customer deposits and Islamic deposits 9,485 8,709 8.9%
• Conventional customer deposits 8,128 7,501 8.4%
• Islamic customer deposits 1,357 1,208 12.3%
  Total Equity* 2,308 2,172 6.3%
  *Total Equity includes Perpetual Tier I capital of OMR 505 million (2022: OMR 130
  million).

The full results for the nine months period ended 30 September 2023 along with the
complete set of unaudited financial statements will be released following the
approval of the Board of Directors of the Bank at its meeting scheduled later during
October 2023.