Bank Muscat profits up by 38%
Bank Muscat (SAOG), the leading financial services provider in the Omani Sultanate, announced the preliminary unaudited results for the year 2010. The Bank expects to post net profit of RO 101.7 million for the year ended 31 December 2010 compared to RO 73.7 million reported for the year 2009, an increase of 38 per cent.
The net profit for the year ended 31 December 2009 included RO 53.2 million of post-tax gain on sale of HDFC Bank investment, RO 10 million losses on available-for-sale investment portfolio and around RO 60 million of provision for credit losses towards Saudi branch exposures. Excluding these one-off items, the adjusted net profit for the year 2009 was RO 90.5 million. Thus, on a like to like comparison, the net profit for the year ended 31 December 2010 showed an increase of 12.4 per cent over the year 2009.