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Reuters
Bank Muscat, Oman’s largest lender, posted a 1.1 percent increase in first-quarter net profit on Thursday, according to a bourse statement, on the back of rising income from loans, fees and commission.
The bank made a profit of 43.8 million rials ($113.8 million) in the three-month period ending on March 31, up from 43.3 million rials a year earlier.
EFG Hermes forecast the bank would make a quarterly profit of 45.24 million rials, while Gulf Baader Capital Markets forecast a profit of 42.80 million rials over the same period.
Net interest income and non-interest income both jumped by 10.5 percent over the period, rising to 68.04 million rials and 40 million rials, respectively.
Loans and advances rose 6.9 percent year on year to stand at 6.92 billion rials on March 31, while deposits increased 7 percent over the same timeframe to 6.97 billion rials.
Bank Muscat said on April 5 that it had received all regulatory approvals to open a representative office in Iran, making it one of the first foreign financial firms to establish a presence in the country since the international sanctions, imposed over Tehran’s disputed nuclear programme, were lifted in January.
The lender is speaking to a small group of banks about raising a three-year loan worth as much as $300 million, sources told Reuters on March 22.
Bank Muscat is the leading financial services provider in the Sultanate of Oman with a strong presence in corporate banking, retail banking, investment banking, treasury, private banking and asset management. The bank, with assets worth over US$15 billion, has the largest network in Oman exceeding 130 branches, 386 ATMs, 131 CDMs and 4500 PoS terminals.
Its international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and a representative office in Dubai, UAE. The Bank also has a 43 percent stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market, 97 percent stake in Muscat Capital LLC, a brokerage and investment banking entity in Saudi Arabia, besides a stake in Silkbank Ltd. in
Pakistan.