BankMuscat (S.A.O.G) BKM Q3-2012 Preliminary Results

  BankMuscat (S.A.O.G) (BKM) - Q3-2012 Preliminary Results

RNS Number : 7010O
BankMuscat (S.A.O.G)
15 October 2012


    For immediate release


BankMuscat announces preliminary results for 9 months ended 30 September 2012

                     YTD Net Profit at RO 104.19 million

MUSCAT, 15 October,  2012: BankMuscat, the  flagship financial institution  in 
the Sultanate, announced  its preliminary  results for the  nine months  ended 
30^th September 2012. The Bank posted net profit of RO 104.19 million for  the 
period compared to RO 87.13 million  reported during the same period in  2011, 
an increase of around 20 per cent.

The key highlights of the results for the period are as follows:

1) Net interest income at RO 168.28 million for nine months of 2012 compared
to RO 159.91 million for the same period of 2011, an increase of 5.2 per cent.
Excluding the one-off positive impact in  the net interest income in 9  months 
of 2011, the same would have increased by 9.3 per cent.

2) Non-interest income at RO 67.43 million  was higher by about 11 per  cent 
compared to RO 60.77 million for the nine months ended 30 September 2011.

3) Operating expenses for the nine-month  period ended 30 September 2012  at 
RO 98.93 million as compared to RO 90.79 for the same period in 2011, increase
of 9  percent.  Increase  in  operating expenses  is  mainly  attributable  to 
increase in manpower cost.

4) Impairment for  credit losses for  the nine-month period  in 2012 was  RO 
40.87 million as against RO 40.95 million for the same period in 2011.

5) Net Loans and advances  increased by 18 per cent  to RO 5,359 million  as 
against RO 4,537 million as at 30 September 2011.

6) Customer deposits,  including CDs, increased  by 5 per  cent to RO  4,955 
million as against RO 4,723 million as at 30 September 2011. The increase  was 
largely driven by demand and saving deposits.

Key figures             Sep-2012   Sep-2011

                       (millions) (millions)
Net interest income        168.28     159.91
Other operating income      67.43      60.77
Operating expenses          98.93      90.79
Operating profit           136.78     129.89
Net profit                 104.19      87.13

The full results of the nine-month  period ended 30 September 2012 along  with 
complete set of financial statements, will  be released after the approval  of 
the Board  of directors  of the  Bank at  its meeting  scheduled later  during 
October 2012.


                     This information is provided by RNS
           The company news service from the London Stock Exchange


QRTZMMMGMKMGZZM -0- Oct/15/2012 11:22 GMT
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