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Abu Dhabi, UAESunday 24 February 2019

Omani lenders report higher full-year profit as operating income climbs

Bank Muscat net income rose 1.6 per cent year-on-year in 2018

Bank Muscat has reported a 1.6 per cent year-on-year increase in its 2018 full-year net profit. Jeff Topping / The National
Bank Muscat has reported a 1.6 per cent year-on-year increase in its 2018 full-year net profit. Jeff Topping / The National

Bank Muscat, one of Oman's top lenders by assets, on Tuesday reported a marginal increase in full-year net profit as income from conventional and Islamic finance rose and impairment charges for bad loans fell.

Net income for 12-months ending December climbed to 179.63 million rials (Dh1.72 billion), a 1.6 per cent year-on-year rise, the lender said in a statement to the Oman bourse, where its shares are traded. Net interest income from conventional and Islamic financing climbed to 304.3m rials at the end of last year, an 8.2 per cent increase, it added.

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Net impairment charges slightly fell to 42.5m rials for the period from 42.3 million from a year ago, it said.

Meanwhile, Bank Sohar said its 2018 net profit soared 16 per cent on the back of a rise in operating income. The lender’s net income after taxes rose to 29.4m rials at the end of last year from 25.3m rials a year earlier.

Operating income rose to 94.4m rials, a 23.5 per cent jump, it said in a bourse filing. Its net assets advanced to 3.06 billion rials, a 7.6 per cent year-on-year rise.

Ahli Bank also reported a 7.9 per cent increase in its net income to 28.9m rials for the 12 months ending December, as loans and customers’ deposits rose, it said in a separate statement to the Muscat Securities Market.

Loans grew by 14.5 per cent to 1.87bn rials, while customers’ deposits rose to 1.66bn rials at the end of last year from 1.45bn reported for 2017.

Updated: January 15, 2019 03:48 PM

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