HomeBanking & FinanceBank Muscat’s profits during the first half of 2022
By Economy Middle East
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July 15, 2022 10:45 am

Bank Muscat’s profits during the first half of 2022

The bank announced preliminary unaudited financial results for H1 2022
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An investor works on his computer in the Muscat Securities Market

Bank Muscat announced preliminary unaudited financial results for the six months ending June 30, 2022. According to the results, the bank reported a net profit of 99.26 million Omani riyals, an increase of 4.9 percent from the same period in 2021’s net profit of 94.65 million riyals.

Net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals for the first six months of the year, a decrease of 1.3 percent compared to 168.44 million riyals for the same period in 2021.

Other revenues totaled 81.44 million riyals for the same two periods, representing a 0.9 percent growth driven by increased revenues from the sale of investments.

Moreover, operating expenses totaled 102.71 million riyals, an increase of 8 percent from 95.12 million riyals in the same period last year.

Customer deposits, which include deposits from Islamic banking customers, increased by 1.9 percent to 8,834 million riyals in the first half of 2021, up from 8,670 million riyals in the first half of 2021.