Bank Muscat announces $291.44 million in profit in the first half of 2024

Dubai: Bank Muscat, Oman's leading financial institution, announces its preliminary unaudited results for the first half of 2024, revealing a net profit of $291 million (Dh1 billion), compared to the first half of 2023, where the bank reported a net profit of $270 million (Dh991.7 million), this marks a 7.5 per cent year-on-year increase.

This increase in profits can be attributed to net interest income from conventional banking and net income from Islamic financing totalling $495 million (Dh1.8 billion) for the first six months of 2024, up from $479 million (DhDh1.7 billion) in the same period last year, reflecting a 3.2 per cent increase.

The profit reflects improvement in the overall health of the economy in various business lines and volume increase.

Non-interest income for the first half of 2024 reached $195.5 million (Dh718 million), compared to $172.2 million (Dh634 million) in the first half of 2023, showing a robust growth of 13.2 per cent. The bank attributed this growth to improvements across various business lines and increased transaction volumes.

Operating expenses for the period amounted to $265 million (Dh973 million), up from $253 million (Dh929 million) in the first half of 2023, marking a 4.8 per cent increase.

Net loans and advances, including Islamic financing receivables, grew by 3.3 per cent to $26.5 billion (Dh97 billion), while customer deposits, including Islamic deposits, increased by 5.3 per cent to $24.6 billion (Dh90 billion).

Oman is growing to be a big attractive economy in the region, taking steps and initiative that’s align with its Oman Vision 2040, the national reference for economic and social planning for the period of 2021-2040, and the source of national sector strategies and five-year development plans.