Bank Muscat's Q1 profit rises 8% to RO58.5mn

16/04/2025 07:12 AST

Bank Muscat, the largest financial institution in Oman, reported a net profit of RO58.56mn for the first quarter of 2025, compared to RO54.24mn reported during the same period in 2024, reflecting a year-on-year growth of 8%.

The bank announced its preliminary unaudited financial results for the first quarter on Tuesday.

Net interest income from conventional banking and net income from Islamic financing stood at RO102mn for the three-month period ended March 31, 2025, compared to RO95.45mn for the same period in 2024 - an increase of 6.9%, mainly due to higher loan volumes.

The bank's non-interest income was RO38.67mn for the first quarter of 2025, compared to RO37.25mn for the same period in 2024, an increase of 3.8%.

Operating expenses for the three-month period ended March 31, 2025 stood at RO55.03mn, compared to RO51.8mn for the same period in 2024, an increase of 6.2%.

Net impairment losses on financial assets for the first quarter amounted to RO15.04mn, compared to RO16.22mn during the same period in 2024.

Bank Muscat's net loans and advances, including Islamic financing receivables, increased by 6.9% to RO10.54bn, compared to RO9.86bn as at March 31, 2024. Total assets of the bank grew by 2.4% year-on-year to RO14.344bn as of March 31, 2025.

The bank's total customer deposits, including Islamic customer deposits, rose by 2.6% to RO10bn at the end of first quarter this year, compared to RO9.75bn as at March 31, 2024.

Bank Muscat said that its full results for the first quarter of 2025, along with the complete set of unaudited financial statements, will be released following approval by the bank's Board of Directors at a meeting scheduled later in April.

Muscat Daily