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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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.