MUSCAT, 7 April 2005 — BankMuscat, the nation’s largest bank, held its annual ordinary general meeting (OGM) here on Tuesday to approve the financial accounts for the year ended Dec. 31, 2004. “We would like to thank our shareholders for their support and encouragement in helping us grow to what we’re today,” Abdul Malik ibn Abdullah Al-Khalili, chairman, BankMuscat, said.
BankMuscat has achieved a net profit of 34.1 million Omani rials during the year ended Dec. 31, 2004 as against a net profit of 27.1 million rials for the year ended Dec. 31, 2003, an increase of 25.8 percent. Net interest income has grown by 9.3 percent from 68.8 million rials in 2003 to 75.2 million rials in 2004.
The operating profit of 55.3 million rials in 2004 is 13.1 percent higher than the 48.9 million rial achieved in 2003. The operating expenses of 42.7 million rials in 2004 are 7.7 percent higher than the 39.7 million rials incurred in 2003.
