Business | Banking
BankMuscat's operating profit increases 48% to 152m riyals
BankMuscat has reported an operating profit of 152 million Omani riyals (Dh1.44 billion), according to sources from the Muscat Securities Market.
- Staff Report
- Published: 23:51 January 15, 2009
Muscat: BankMuscat has reported an operating profit of 152 million Omani riyals (Dh1.44 billion), according to sources from the Muscat Securities Market.
The operating profit for the 2008 are 48 per cent more than the 103 million posted by the bank in 2007.
Income from core businesses maintained growth trend in the fourth quarter as well, which is reflected in operating profit growth.
The preliminary results are subject to audit by external auditors and approval of board of the lender and Central Bank of Oman.
During the last quarter of 2008, the global market conditions substantially changed.
This has affected the market value of some of the strategic and non-strategic investment portfolio of BankMuscat.
As a measure of prudence, the BankMuscat is considering some impairment losses that are exceptional in nature in the results for the year 2008.
After considering the losses, the bank is expected to post a net profit of over 90 million riyals as against a net profit of 84.2 million riyals reported in 2008, an increase of seven per cent.
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