BankMuscat’s Third Quarter Net Profit up 44 per cent

The Bank achieved a net profit of RO 90.1 million for the nine months ended September 30, 2008 as against a net profit of RO 62.6 million reported during the same period in 2007, which resulted in an impressive growth of 43.9 per cent. Net interest income increased by 27.4 per cent to RO 115.3 million during the nine months period ended September 30, 2008 from RO 90.5 million reported during the corresponding period in 2007. Non-interest income has grown by RO 24.4 million to RO 58.9 million during the nine months period ended September 30, 2008 as compared to RO 34.5 million of the same period in 2007. Operating income for the nine months period ended September 30, 2008 increased by 39.4 per cent to RO 174.2 million from RO 125.0 million for the same period in 2007.

Operating expenses increased by RO 15.1 million or 30.6 per cent during the nine months period ended September 30, 2008 as compared to the same period in 2007. However, cost to income ratio reduced to 36.9 per cent during the period as against 39.4 per cent during the same period in 2007.