Bank Muscat net profit RO10.3m

MUSCAT — Bank Muscat on Sunday reported a net profit of RO10.3 million for the first quarter of the year, compared with RO7 million in the corresponding period of 2004, up 47 per cent.

By From Our Correspondent

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Published: Mon 25 Apr 2005, 10:09 AM

Last updated: Thu 2 Apr 2015, 4:09 PM

The net profit includes a RO2.8 million profit earned from disposal of the bank's Bahrain branch after it was incorporated as 'Bank Muscat International' (BMI) with effect from January 1, 2005

Bank Muscat holds 49 per cent of the paid up share capital of BMI, the remaining being held by other regional investors.

Net profit for the first quarter 2005, after excluding the extraordinary profit on disposal of the Bahrain branch and related expenses such as tax provision and professional charges, works out to RO7.9 million, which is higher by 13 per cent over the net profit of the first quarter of 2004.

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