Bank Muscat Q1 net profit edges up 1.1%

DUBAI

Bank Muscat, Oman’s largest lender, posted a 1.1 per cent increase in first-quarter net profit on Thursday as net interest income and income from Islamic financing rose.

Net profit rose to 44.2 million riyals ($114.8 million) for the quarter to March 31, up from 43.8 million a year earlier. Gulf Baader Capital Markets had forecast a profit of 41.6 million rials, while EFG Hermes expected 45.7 million. Net loans and advances rose 2.7 per cent to 7.10 billion rials while deposits fell 0.8 per cent to 7.59 billion rials. Net interest income rose 1.5 per cent while income from Islamic financing climbed 8.2 per cent.