Bank Muscat posts net profit of OMR113.21mn

SourceTimes of Oman
SectorFinancial Services

Muscat: Bank Muscat, the leading financial institution in the Sultanate, announced its preliminary unaudited results for the nine-months ended on September 30, 2020. The bank posted a net profit of OMR113.21 million for the period compared to OMR141.43 million reported during the same period in 2019, a decrease of 20 per cent. Key highlightsThe bank's Net Interest Income from conventional banking and net income from Islamic financing stood at OMR240.07 million for the nine-months period compared to OMR237.97 million for the same period in 2019, an increase of 0.9 per cent.Non-interest income was OMR96.72 million as compared to OMR113.76 million for the same period in 2019, a decrease of 15 per cent mainly due to subdued business conditions due to COVID-19 related lockdowns in second and third quarters of 2020 and more...