Mubasher: Bank Muscat reported a 0.3% rise in its second-quarter profits, according to a bourse statement.

Profits amounted to OMR 46.67 million ($120.81 million) in Q1-16, compared to OMR 46.52 million ($120.42 million) in the prior-year period.

In the first half of 2016, profits rose 0.7% to OMR 90.47 million from OMR 89.82 million achieved in the same half a year earlier.

Net interest income from conventional banking stood at OMR 124.42 million in H1-16, an increase of 7.8% from OMR 115.45 million in H1-15. Net income from Islamic financing rose 27.7% to OMR 11.76 million in H1-16 from OMR 9.21 million in H1-15.

Operating expenses grew 2.4% to OMR 86.12 million in the first six months of 2016, compared to OMR 84.13 million in the same period of 2015.

Customer deposits fell 0.1% to OMR 6.908 billion in H1-16 from OMR 6.914 billion in H1-15. In addition, Islamic customer deposits reached OMR 733 million in H1-16, compared to OMR 510 million in H1-15.