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Islamic Finance Briefing - Categorized | Banking, Performance more

Bank Muscat Q1 net profit at RO 25mln

Posted on 18 April 2013

Bank Muscat, the flagship financial institution in the Sultanate, posted a net profit of RO 25 million in the first quarter of 2013 compared to RO 33.4 million reported during the same period in 2012.
Announcing the preliminary Q1 results, the bank said an exceptional operating loss provision of RO 15 million relating to the Prepaid Travel Card fraud incident (as disclosed to the market on 25 and 26 February 2013) has been considered in the first quarter accounts in accordance with IFRS. The bank is working on various channels to recover the loss arising from this exposure, it added……………………………………Full Article: Source

 
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