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BankMuscat Net Profit Posts Increase of 11.2pc
MUSCAT - BankMuscat on Sunday reported a net profit of RO93.7 million for 2008, against RO84.2 million in the preceding year, an increase of 11.2 per cent.
Net interest income increased by 29.8 per cent from RO124.8 million to RO162.1 million and non-interest income from RO 48.1 million to RO74.7 million in 2008, a growth of 55.3 per cent. The board of directors is recommending a dividend of 50 per cent – 20 per cent cash and the rest in the form of mandatory convertible bonds.
Operating expenses of RO84.2 million are higher by 19.8 per cent than RO70.3 million incurred in 2007. The Cost to Income ratio for the year stood at 35.6 per cent compared to 40.7 per cent mainly due to higher income growth. Impairment for credit losses on loans portfolio was RO24.6 million compared to RO18.2 million. The bank achieved an operating profit of RO152.6 million for the year against RO. 102.6 million in 2007, an increase of 48.7 per cent.
“However due to certain one-off impairment losses, the net profit for the year reflected an increase of only 11.2 per cent over 2007,” a statement said, adding: “During the last quarter of 2008, the global market conditions substantially changed as a result of the global crisis. This affected the market value of investment portfolio of the bank.”
Net loans and advances grew by RO1,041 million or 38.7 per cent to RO3,728 million compared to RO 2,687 million. Customer deposits increased by RO851 million or 36.6 per cent to RO 3,173 million, compared to RO 2,322 million.
· ravindranath@khaleejtimes.com
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