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BankMuscat’s profit goes up 33 per cent

Net interest income increased by 3.8 from RO75.2 million to RO78.1 million and net interest income by 9.1 per cent.

Non-interest income grew from RO22.8 million to RO23.3 million. Operating profit of RO57.3 million is 3.6 per cent higher than the RO55.3 million achieved in 2004.

Operating expenses rose by three per cent to RO44.3 million from RO42.7 million. The Cost to Income ratio for the year was at 43.5 per cent as compared to 43.6 per cent.

The return on average assets improved from 1.95 per cent to 2.33 per cent and return on average equity improved from 20.0 per cent to 20.2 per cent. The basic earnings per share increased from RO 0.493 to RO 0.642.

Net loans and advances portfolio grew by RO43 million to RO1,372 million. However, net loans and advances portfolio of Oman operations increased by RO157 million, an increase of 12.9 per cent.

Customer deposits rose by RO171 million to RO1,333 million from RO1,162 million.

The bank made loan loss provisions of RO24.4 million during the year, compared to RO 20.4 million in 2004.

The board of directors is proposed a cash dividend of 40 per cent and stock dividend of 10 per cent for the year.