Bank Muscat Board of Directors appoints Deputy Chairman, approves financial results for first quarter of 2020

Bank Muscat Board of Directors appoints Deputy Chairman, approves financial results for first quarter of 2020

The Board of Directors of Bank Muscat has approved the appointment of Sheikh Ahmed Bin Hamed Bin Hilal Al Saadi as Deputy Chairman.. The Board also approved the unaudited results of the bank for the three month period ended March 31, 2020 at its meeting chaired by Sheikh Khalid Bin Mustahail Al Mashani, Chairman, on Tuesday.. The bank posted a net profit of RO33.25 million for the period compared to RO45.80 million reported during the same period in 2019, a decrease of 27.4 per cent.. Non-interest income was RO 34.39 million for the three months period ended March 31, 2020 as compared to RO 37.56 million for the same period in 2019, a decrease of 8.4 per cent.. Operating expenses for the three months period ended March 31, 2020 was RO 50.60 million as compared to RO 48.58 million for the same period in 2019, an increase of 4.2 per cent.. Customer deposits including Islamic Customer deposits increased by 2 per cent to RO 8,199 million as against RO 8,042 million as at March 31, 2019..