The Banking Executive Magazine - April 2022 Issue

Oman’s Bank Muscat OMAN’S BANK MUSCAT POSTS 2.4% RISE IN Q1 2022 NET PROFIT Bank Muscat, Oman’s largest bank by assets, saw its first quarter 2022 net profit rise by 2.4 percent to 48.26 million riyals ($125.5 mil- lion) despite lower net interest in- come and higher operating expenses. Net interest income from conven- tional banking and net income from Islamic financing reached 82.08 million riyals for the first three months of the year, com- pared to 83.74 million for the same period in 2021. Operating expenses went up by 8.2 percent to 50.95 million riyals. However, net impairment for credit and other losses fell to 12 million riyals from 18.08 million riyals. The bank’s customer deposits also grew 4.8 percent to more than 8.8 billion riyals. the BANKING EXECUTIVE 30 ISSUE 160 APRIL 2022