banking

Oman's Bank Muscat FY 2021 net profit 16% higher at $493mln

January 14, 2022

Higher operating income and lower impairment support profit rise

Bank Muscat, Oman's largest lender by assets, on Wednesday reported a 16 percent jump in full-year 2021 net profit to 189.63 million Omani riyals ($493 million) on the back of higher operating income and lower impairment charges.

Net interest income from conventional banking and net income from Islamic financing was over 4 percent higher at 335.5 million rials compared with 322 million rials in the year-ago period.

Non-interest income was 140 million rials compared with 134.4 million for year ended December 31, 2020, the bank said in a statement on the Muscat Stock Exchange.

Impairment expenses for the year was 60.22 million rials for the current period, down from 81 million rials in FY-2020 due to higher provisioning due to the Covid-19 pandemic and a decline in oil prices.

zawya

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