BankMuscat reports $69m profit increase

23 April 2008
BankMuscat has reported an increase of 39.4 per cent in profit for the first quarter of 2008 to OR26.5m ($69m), from OR19m during the same period in 2007.

The bank attributed the growth to non-interest income, which rose by 84.5 per cent to OR17.9m. Interest income rose by 31.2 per cent to OR37m.

However, the bank suffered from increased operating expenses because of higher levels of staffing and the expansion of the bank.

Customer desposits rose by 30.2 per cent to OR617m, although loans and advances grew by 46.3 per cent to OR2.9bn and impairment for losses increased to OR6.5m from OR4.1m

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