BankMuscat, an Oman-based company engaged in commercial and investment banking activities, has posted a net profit of OMR24.5m for the first quarter ended March 31, 2010, as compared to OMR48.4m during the same period in 2009.
Net profit for the first quarter of 2009 included OMR35.3m of post-tax gain on sale of HDFC Bank investment and OMR7.5m losses on available-for-sale investment portfolio. Excluding these one-off items, the adjusted net profit for the first quarter of 2009 was OMR20.6m. Thus, on a like to like comparison, the net profit for first quarter of 2010 showed an increase of 18.9% over first quarter of 2009.
Net interest income increased by 12% to OMR44.4m during first quarter of 2010 from OMR39.6m during the corresponding period in 2009.
Operating expenses for the first quarter of 2010 at OMR24.6m increased by 15.5% as compared to the same period in 2009.
Sheikh AbdulMalik bin Abdullah Al Khalili, chairman of board of directors of BankMuscat, said: “The board of directors welcomes and supports the measures taken by the Central Bank of Oman and the Capital Market Authority to strengthen the financial market in the Sultanate. The foresight and market-friendly policies adopted by His Majesty’s government have helped the bank to record encouraging results.”