MUSCAT – Bank Muscat, Oman’s leading financial services provider, reported a 6.2% increase in net profit for the year ended 31 December 2024, according to preliminary unaudited results released today. The bank’s net profit reached RO 225.58 million, compared to RO 212.45 million the previous year.
The bank’s net interest income from conventional banking and net income from Islamic financing recorded an increase of 6.1% to RO 397.70 million in 2024, compared to RO 374.82 million in 2023. Non-interest income also increased by 5.1% to RO 145.00 million.
Operating expenses rose to RO 209.26 million, an increase of 6.6% from last year’s RO 196.39 million. Meanwhile, net impairment losses on financial assets remained stable, with a slight decline to RO 64.41 million from RO 64.66 million in 2023.
The bank’s balance sheet showed growth in net loans and advances, including receivables from Islamic financing, which increased by 3.7% to RO 10,247 million. Customer deposits, including Islamic customer deposits, increased by 3.6% to RO 9.777 million.
A significant change in the composition of deposits was observed, with Islamic customer deposits increasing by 24.9%, indicating an increased preference for Islamic banking services among customers.
In total (EPA:) the bank’s assets amounted to RO 14,040 million, which represents an increase of 2.7% compared to the previous year. Total capital, including fixed capital, recorded a growth of 3.8% to RO 2,444 million.
Full results for 2024, together with a full set of unaudited financial statements, will be released after a board meeting scheduled for later in January 2025. This preliminary financial report is based on a press release and provides an early overview of Bank Muscat’s performance over the past years.
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