Bank Muscat posts net profit of OMR94.65 million for the first half of 2021

Oman’s flagship financial institution, Bank Muscat, has released a report detailing its results for the first two quarters of the year. The results are unaudited and cover the primary financials for the half-year closed on the 30^th of June, 2021.

The lender’s half-year net profit for 2021 surpassed that of 202o by over 36.1%, rising from OMR69.56 million to OMR94.65 million. This marked increase was brought on by a reduction in impairment charges.

The bank’s net interest income from regular and Islamic financing rose by 4.9% from OMR160.53 million in 2020 to OMR168.44 million in 2021.

Non-interest income also increased by 15.5% from OMR64.69 million to OMR74.70 million, while operational cost rose by 1.2% from OMR95.12 million to OMR94.03 million.