Bank Muscat Reports Growth in Net Profit for 2024 Results
Bank Muscat Reports Solid Financial Growth
Bank Muscat, a prominent financial institution in Oman, has announced a remarkable 6.2% rise in net profit for the year ending in 2024, showcasing its robust performance. The net profit climbed to RO 225.58 million, reflecting substantial growth from the previous year's figure of RO 212.45 million.
Increased Income Sources
In 2024, Bank Muscat saw an impressive 6.1% increase in its net interest income, which reached RO 397.70 million, compared to RO 374.82 million in 2023. This positive trend in income can be attributed to both conventional banking and Islamic financing. Additionally, the bank's non-interest income also experienced growth, rising by 5.1% to reach RO 145.00 million.
Operating Expenses and Impairment Losses
Operating expenses rose to RO 209.26 million, marking a 6.6% increment from the previous year's RO 196.39 million. However, the situation regarding net impairment losses on financial assets remained steady, with only a marginal decrease to RO 64.41 million from RO 64.66 million in 2023, indicating effective management of financial stability.
Growth in Loans and Deposits
The growth trajectory continued with net loans and advances, including Islamic financing receivables, increasing by 3.7%, totaling RO 10,247 million. Customer deposits also saw a positive trend, climbing by 3.6% to reach RO 9,777 million.
Islamic Banking Services Surge
A fascinating development within the bank was the significant rise in Islamic customer deposits, which surged by 24.9%. This change signals a growing preference for Islamic banking services, as more customers shift towards these offerings.
Comprehensive Overview of Assets and Equity
Bank Muscat's total assets reached RO 14,040 million, reflecting a 2.7% increase compared to the previous year. The total equity, including Perpetual Tier I capital, exhibited a notable growth of 3.8%, standing at RO 2,444 million, indicating a healthy financial foundation.
Upcoming Financial Disclosures
While preliminary results reflect a promising outlook for 2024, the full set of unaudited financial statements will be made public after a board meeting scheduled in early 2025. This upcoming meeting will provide further insights into Bank Muscat's achievements and future directions.
Frequently Asked Questions
What was Bank Muscat's net profit for 2024?
Bank Muscat reported a net profit of RO 225.58 million for 2024, marking a 6.2% increase from the previous year.
How much did the bank's net interest income increase?
The net interest income rose by 6.1% in 2024, totaling RO 397.70 million.
What trends were observed in customer deposits?
Customer deposits increased by 3.6% to RO 9,777 million, with Islamic deposits surging by 24.9%.
What were the operating expenses for Bank Muscat in 2024?
Operating expenses climbed to RO 209.26 million, a rise of 6.6% from the previous year.
When will the complete financial results for 2024 be released?
The comprehensive financial results will be disclosed following a board meeting scheduled for early 2025.
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