Bank Muscat, Oman’s largest bank by assets, has reported that its net profit for the first half of 2022 increased by 5 percent to 99.26 Omani Riyals ($258 million).
In a bourse filing, the Bank said that the net profit increased despite lower net interest income and higher operating expenses.
The Bank said that net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals for the first half, compared to 168.44 million riyals for the same period in 2021.
Operating expenses went up by 8 percent to 102.71 million riyals. However, net impairment for credit and other losses fell to 28.40 million riyals from 35.33 million riyals on improving crude oil prices. Also, for the prior-year period, the bank had made higher provisions in view of the pandemic slowdown.