Bank Muscat’s first quarter net profit rises 5.7% to RO54.2mn

Bank Muscat’s first quarter net profit rises 5.7% to RO54.2mn

Muscat – Bank Muscat, the flagship financial institution in Oman, announced its preliminary unaudited results for the three months ended March 31, 2024, on Monday. The bank posted a net profit of RO54.24mn for the first quarter of 2024 compared to RO51.30mn reported during the same period in 2023, an increase of 5.7%. The bank’s […]Muscat – Bank Muscat, the flagship financial institution in Oman, announced its preliminary unaudited results for the three months ended March 31, 2024, on Monday. The bank posted a net profit of RO54.24mn for the first quarter of 2024 compared to RO51.30mn reported during the same period in 2023, an increase of 5.7%.

The bank’s net interest income from conventional banking and net income from Islamic financing stood at RO95.45mn for the first three months of this year compared to RO91.71mn for the same period in 2023, an increase of 4.1%.

Non-interest income was RO37.25mn for the three-month period ended March 31, 2024, compared to RO31.5mn for the same period in 2023, marking an increase of 18.3%. This increase was attributed to overall improvement in various business lines and volume increase, according to Bank Muscat’s press statement.

The bank’s operating expenses for the three-month period ended March 31,