BANK MUSCAT BOARD APPROVES 9M RESULTS

MUSCAT: Bank Muscat announced on Wednesday the board of directors’ approval of its financial results for the nine months ended September 30, 2015.

The bank had posted a net profit of RO136.2mn for the first nine months of 2015, compared with RO126.7mn reported during the same period in 2014, an increase of 7.5 per cent.

“The key business lines of the bank maintained performance momentum during the period in question. Going forward, the bank will continue its prudent policies and align growth according to market conditions, which pose a challenging situation,” bank chairman Shaikh Khalid al Mashani said in a statement.

The bank’s net interest income from conventional banking rose 3.3 per cent to RO176mn for the first nine months of 2015 from RO170.3mn a year earlier. Net income from Islamic financing increased 10.2 per cent to RO13.7mn from RO12.4mn.

Net loans and advances from the conventional operation increased 8.7 per cent to RO6.56bn from RO6.04bn as on September 30, 2014. Customer deposits, including CDs from conventional operations, increased 6.7 per cent to RO6.77bn from RO6.35bn.