Muscat: Bank Muscat yesterday said its net profit in the first quarter of this year surged by 59.1 per cent to OMR39.76 million from OMR24.99 million reported for the same period last year.
Net interest income from conventional banking and income from Islamic financing stood at OMR59.15 million for the first three months compared to OMR56.42 million for the same period of 2013, an increase of 4.8 per cent. Non-interest income at OMR30.12 million was higher by 24 per cent from OMR24.33 million for the three months ended March 2013.
Operating expenses for the three-month period stood at OMR39.24 million as compared to OMR51.32 million for the same period last year. Last year, the operating expenses included OMR14.98 million prepaid travel card operating loss provision. Excluding that, the operating expenses increased by 8 per cent.
Impairment for credit losses for the three-month period in 2014 was OMR10.21 million as against OMR7.45 million for the same period in 2013. Net loans and advances increased by 8.8 per cent to OMR5,968 million from OMR5,486 million during the period. Customer deposits, including certificates of deposits, increased by 11 per cent to OMR6,112 million as against OMR5,506 million by March 2013.
Islamic financing receivables amounted to OMR316 million compared to OMR188 million in the same period of 2013. Islamic banking customer deposits amounted to OMR110 million by March 2014 compared to OMR126 million reported for the same period last year.
The acquisition of BMI by Al Salam Bank Bahrain has been completed with effect from March-end 2014. Bank Muscat is a 14.7 per cent shareholder in ASBB. BMI is now wholly owned subsidiary of ASBB, which will be considered as an associate of Bank Muscat from the second quarter of 2014.