Bank Muscat net comes down to Rs 0.66 crore

Bangalore: The city-based Bank Muscat has registered a steep fall in the profit after tax (PAT), touching Rs 0.66 crore in the fiscal ending 31 March 2002 as against the Rs 2.12 crore recorded in the previous year.

The bank has attributed a higher provision for taxation (Rs 2.32 crore) and a provision on non-performing assets (Rs 1.08 crore) for the decline in PAT.

Completing its third successive profitable year out of four years of operations in India, the bank has registered a 62-per cent growth on operating profits before tax and provisioning.

The profit before tax and provision was Rs 4.15 crore, compared to Rs 2.56 crore in the same period the previous year.

The bank has currently a deposit base of Rs 161 crore and a loan book of Rs 115 crore. The capital adequacy ratio of the bank stood at 28.33 per cent against the Reserve Bank of India requirement of 9 per cent.