Subject to approval of Central Bank of Oman

BANK MUSCAT SAOG

CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2021

[DRAFT SUBJECT TO CENTRAL BANK OF OMAN APPROVAL

Subject to approval of Central Bank of Oman

BANK MUSCAT SAOG

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Contents

Page

Independent auditor's report

2 - 6

Consolidated statement of financial position

7

Consolidated statement of comprehensive income

8

Consolidated statement of changes in equity

9 - 10

Consolidated statement of cash flows

11

Notes to the consolidated financial statements

12 -97

Subject to approval of Central Bank of Oman

7

BANK MUSCAT SAOG

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2021

2021

2020

Notes

RO 000's

RO 000's

ASSETS

Cash and balances with Central Banks

5

1,047,224

656,898

Due from banks

6

765,151

574,786

Loans and advances

7

7,830,398

7,731,286

Islamic financing receivables

7

1,361,019

1,251,369

Investment securities

9

1,811,496

1,847,349

Investment in associates

10

8,266

-

Other assets

8

174,797

320,688

Property, equipment and software

11

74,187

71,389

TOTAL ASSETS

13,072,538

12,453,765

LIABILITIES AND EQUITY

LIABILITIES

Deposits from banks

14

1,218,465

939,621

Customers' deposits

15

7,604,051

7,428,737

Islamic customers' deposits

15

1,170,555

1,029,768

Sukuk

16

90,600

90,600

Euro Medium term notes

17

390,379

390,570

Other liabilities

18

394,713

469,802

Taxation

19

52,931

47,821

Subordinated liabilities

20

-

13,198

Total liabilites

10,921,694

10,410,117

EQUITY

Equity attributable to equity holders of parent

Share capital

21

357,448

324,952

Share premium

22

531,535

531,535

General reserve

23

410,258

397,168

Legal reserve

23

119,149

108,318

Revaluation reserve

11

4,904

4,904

Subordinated loan reserve

23

-

13,090

Cash flow hedge reserve

37

-

(140)

Cumulative changes in fair value

2,855

(3,683)

Foreign curency translation reserve

(2,498)

(2,407)

Impairment reserve / restructured loan reserve

23

2,346

2,356

Retained earnings

594,847

537,555

Total equity attributable to the equity holders

2,020,844

1,913,648

Perpetual Tier I capital

24

130,000

130,000

Total equity

2,150,844

2,043,648

TOTAL LIABILITIES AND EQUITY

13,072,538

12,453,765

Net assets per share

26

RO 0.565

RO 0.589

Contingent liabilities and commitments

27

1,833,161

1,866,147

The consolidated financial statements were authorised on

for issue in accordance with a resolution of the

Board of Directors.

Chairman

Director

Chief Executive Officer

The attached notes 1 to 44 form part of these consolidated financial statements.

Subject to approval of Central Bank of Oman

8

BANK MUSCAT SAOG

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2021

2021

2020

Notes

RO 000's

RO 000's

Interest income

28

444,705

437,772

Interest expense

29

(143,020)

(143,536)

Net interest income

301,685

294,236

Income from Islamic financing/investments

28

77,138

68,263

Distribution to depositors

29

(43,287)

(40,369)

Net income from Islamic financing

33,851

27,894

Net interest income and income from Islamic financing

335,536

322,130

Commission and fee income (net)

30

99,914

92,904

Other operating income

31

40,030

41,505

OPERATING INCOME

475,480

456,539

OPERATING EXPENSES

Other operating expenses

32

(174,154)

(159,602)

Depreciation

11

(17,305)

(20,250)

(191,459)

(179,852)

Share of results from associates

10

167

-

Net impairment losses on financial assets

41

(60,217)

(81,038)

PROFIT BEFORE TAXATION

(251,509)

(260,890)

223,971

195,649

Tax expense

19

(34,346)

(32,291)

PROFIT FOR THE YEAR

189,625

163,358

OTHER COMPREHENSIVE (EXPENSE) / INCOME

Net other comprehensive (expense) / income to be reclassified to profit or

loss in subsequent periods, net of tax:

Translation of net investments in foreign operations

(91)

(111)

Change in fair value of FVOCI Debt investments

19

(2,641)

1,217

Share of other comprehensive income of associates

10

24

-

Change in fair value of cash flow hedge

19

140

(106)

Net other comprehensive (expense)/ income not to be reclassified to profit or

(2,568)

1,000

loss in subsequent periods, net of tax:

Change in fair value of FVOCI Equity investments

19

8,527

(7,861)

OTHER COMPREHENSIVE INCOME / (EXPENSE) FOR

8,527

(7,861)

(6,861)

THE YEAR

5,959

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

195,584

156,497

Total comprehensive income attributable to:

Equity holders of Parent Company

195,584

156,497

Profit attributable to:

Equity holders of Parent Company

189,625

163,358

Earnings per share:

Basic and diluted

34

RO 0.051

RO 0.044

The attached notes 1 to 44 form part of these consolidated financial statements.

Subject to approval of Central Bank of Oman

9

BANK MUSCAT SAOG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2021

Attributable to equity holders of parent

Foreign

Impairment

Perpetual

Subordina Cash flow Cumulative

currency

reserve /

2021

Notes

Share

Share

General

Legal

Revaluation

ted loan

hedge

changes in

translation

restructured

Retained

Tier I

capital

premium

reserve

reserve

reserve

reserve

reserve

fair value

reserve

loan reserve

earnings

Total

capital

Total

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

RO 000's

Balance at 1 January 2021

324,952

531,535

397,168

108,318

4,904

13,090

(140)

(3,683)

(2,407)

2,356

537,555

1,913,648

130,000

2,043,648

Profit for the year

-

-

-

-

-

-

-

-

-

-

189,625

189,625

-

189,625

Other comprehensive income / (expense)

-

-

-

-

-

140

5,910

(91)

-

-

5,959

-

5,959

Total comprehensive income / (expense)

-

-

-

-

-

-

140

5,910

(91)

-

189,625

195,584

-

195,584

Transfer within equity upon disposal of

FVOCI equity investments

9

-

-

-

-

-

-

-

628

-

-

(628)

-

-

-

Dividends paid

25

-

-

-

-

-

-

-

-

-

-

(81,238)

(81,238)

-

(81,238)

Issue of bonus shares

25

32,496

-

-

-

-

-

-

-

-

-

(32,496)

-

-

-

Transfer to legal reserve

23

-

-

-

10,831

-

-

-

-

-

-

(10,831)

-

-

Transfer from subordinated loan reserve

23

-

-

13,090

-

-

(13,090)

-

-

-

-

-

-

-

-

Transfer from restructured loan reserve to

retained earnings

-

-

-

-

-

-

-

-

-

(10)

10

-

-

-

Interest on Perpetual Tier I capital

24

-

-

-

-

-

-

-

-

-

-

(7,150)

(7,150)

-

(7,150)

Balance at 31 December 2021

357,448

531,535

410,258

119,149

4,904

-

-

2,855

(2,498)

2,346

594,847

2,020,844

130,000

2,150,844

The attached notes 1 to 44 form part of these consolidated financial statements.

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Attachments

Disclaimer

Bank Muscat SAOG published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 12:48:02 UTC.