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BankMuscat nine-month net profit up 40.7pc at RO62.6m

MUSCAT — BankMuscat has reported a net profit of RO62.6 million for the nine months of the year, compared with a net profit of RO44.5 million for the corresponding period of 2006, an increase of 40.7 per cent.

Net interest income grew by 23.8 per cent to RO90.5 and non-interest income by 57.5 per cent to RO34.5 million. Operating expenses rose by 29.9 per cent, "mainly due to increase in manpower and other administrative costs as a result of increased business activities, expansion of business lines and expansion of infrastructure," a statement said.

The cost to income ratio declined to 39.4 per cent, against 39.9 per cent. Impairment for credit losses was RO11.9 million versus RO13.8 million. Share of profit from associates increased from RO3.3 million to RO4.1 million.

"The basic earnings per share on an annualised basis works out to 91 baizas for every 100-baiza share of the bank," the statement said.

The bank's net loans and advances rose by 39.1 per cent to RO 2,361 million and customer deposits by 34.8 per cent to RO 2,276 million. Savings deposits registered a growth of RO165 million or 44.3 per cent from RO372 million to RO537 million.