BankMuscat H1 net profit at RO 28.03 million

Net interest income increased by 33.2% from RO 34.55 million for the first half of the year 2005 to RO 46.02 million for the first half of the year 2006. Non-interest income has grown from RO 11.31 million for the first half of 2005 to RO 14.90 million for the first half of 2006, reflecting a growth of 31.7%.

The operating expenses have increased by 21.2% in first half of 2006 as compared to the first half of 2005 mainly due to increase in manpower costs as a result of increased business activities and expansion of business lines.

Impairment for credit losses was RO 8.11 million for the first half of 2006 as compared to RO 9.84 million for the corresponding period of 2005.

The basic earnings per share on an annualized basis works out to 67.3 baizas for every 100 baiza share of the Bank.

The Bank's net Loans and Advances of RO 1,555 million as of June 30, 2006 has grown by 27.3% as compared to the position as of June 30, 2005. Customer deposits grew by RO 323.7 million or 26.9% from RO 1,201 million as of June 30, 2005 to RO 1,525 million as of June 30, 2006.

Savings deposits have registered an impressive growth of RO 82.7 million or 27% from RO 306 million as of June 30, 2005 to RO 389 million as of June 30, 2006.