Bank Muscat posted a net profit of OMR 170.79 million for the first nine months of 2024, reflecting a 7.5% increase compared to OMR 158.88 million for the same period in 2023.
The bank’s initial unaudited financial results showed net interest income from conventional banking and Islamic financing rose by 4.6%, reaching OMR 293.91 million, up from OMR 280.98 million in the same period last year. Other revenues grew by 10.1% to OMR 110.33 million, supported by improvements across various business sectors.
Operating expenses increased by 5.6%, amounting to OMR 154.64 million, compared to OMR 146.48 million in 2023. The bank allocated OMR 44.95 million for net loan defaults and other potential losses, down from OMR 49.25 million during the same period last year.
Bank Muscat’s net loans and advances portfolio, including Islamic financing, recorded a 4.1% growth, reaching OMR 10.27 billion compared to OMR 9.87 billion at the end of September 2023.
