BankMuscat (SAOG), the nation’s largest financial services provider, has achieved a net profit of RO 26.5 million for period ended March 31, 2008 as against a net profit of RO 19.0 million reported during the same period in 2007, thus recording an impressive growth of 39.4%.

Net interest income increased by 31.2% to RO 37.0 million during the first quarter of 2008 from RO 28.2 million reported during the corresponding period in 2007, mainly driven by asset growth. Non-interest income has grown by 84.5% to RO 17.9 million for the first quarter of 2008 as compared to RO 9.7 million of the same period in 2007. Operating income for the quarter ended March 31, 2008 increased by 45.1% to RO 55.0 million from RO 37.9 million for the same period in 2007. Operating expenses have increased by RO 6.1 million in the first quarter of 2008 as compared to the same period in 2007 mainly due to increase in manpower and other administrative costs as a result of increased business activities and expansion of business lines.  However, cost to income ratio reduced to 38.1% during the first quarter of 2008 as against 39.2% during the first quarter of 2007.

The basic earnings per share on an annualized basis works out to 99 baizas for every 100 baiza share of the Bank.
 
The Bank’s net Loans and Advances of RO 2,978 million as of March 31, 2008 has grown by 46.3% as compared to the position as of March 31, 2007. Customer deposits grew by RO 617 million or 30.2% from RO 2,040 million as of March 31, 2007 to RO 2,657 million as of March 31, 2008. Savings deposits have registered an impressive growth of RO 242 million or 52.7% from RO 459 million as of March 31, 2007 to RO 702 million as of March 31, 2008.

© 2008 Mena Report (www.menareport.com)