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MUSCAT - Bank Muscat, the leading financial services provider in Oman, has announced preliminary unaudited results for the first quarter of 2025, showing a net profit of RO 58.56 million, an 8% increase from the RO 54.24 million reported in the same period last year.
The bank’s net interest income from conventional banking and Islamic financing income rose to RO 102.00 million, up by 6.9% compared to RO 95.45 million in the first quarter of 2024. This growth has been attributed primarily to an increase in loan volumes.
Non-interest income also saw a rise, reaching RO 38.67 million for the quarter, which marks a 3.8% increase from the previous year’s RO 37.25 million. Operating expenses climbed to RO 55.03 million, up by 6.2% from RO 51.80 million in the first quarter of 2024.
The bank reported a decrease in net impairment losses on financial assets, down to RO 15.04 million from RO 16.22 million in the same quarter of the previous year.
An expansion in the bank’s loan portfolio was noted, with net loans and advances, including Islamic financing receivables, growing by 6.9% to RO 10,540 million. Customer deposits, including Islamic customer deposits, also increased by 2.6% to RO 10,003 million.
The bank’s total assets saw a modest increase of 2.4%, standing at RO 14,344 million as of 31 March 2025, compared to RO 14,009 million at the same point in 2024. Total (EPA:TTEF) equity, including Perpetual Tier I capital, rose by 3.6% to RO 2,382 million.
These preliminary figures are subject to the approval of the Bank’s Board of Directors, who are scheduled to meet later in April 2025 to finalize the results. The information contained in this article is based on a press release statement issued by Bank Muscat.
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