MUSCAT, 26 April 2005 — BankMuscat, Oman’s largest banking entity, on Sunday reported a record 47 percent jump in net profit for the first quarter of the current year, earning 10.3 million rials ($26 million) against 7 million rials ($18.2 million) during the same period in 2004
The profit of 10.3 million includes an amount of 2.8 million rials resulting from the disposal of Bahrain branch subsequent to the incorporation of Bank Muscat International (BMI), Bahrain with effect from Jan. 1, 2005. BankMuscat holds 49 percent of the paid-up capital of BMI. The rest is shared by other regional investors.
The net interest income rose by seven percent from 18.6 million rials in Q1 2004 to 17.4 million rials in Q1 2005 on account of exclusion of Bahrain operations in 2005. The non-interest income has grown by 15 percent — from 4.5 million rials to 5.2 million rials.
The operating profit stood marginally lower at12.7 million rials as against 13 million rials during the period under review due to the fact that Bahrain operations results are excluded from the bank’s results of 2005.
BankmMuscat, with assets worth over $ 4.5 billion, has a network of 90 branches in Oman and a representative office in Dubai (UAE).
