Friday, 23 August 2019 09:49 GMT
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Oman- NBO net profit falls 0.5% to RO25.3mn




(MENAFN - Muscat Daily) Muscat - 

National Bank of Oman (NBO) on Monday reported a slight decline of 0.5 per cent in its profit after tax for the first six months of the current year at RO25.3mn. The bank had reported a net profit of RO25.4mn in the first half of 2018.

The bank's net interest income from conventional banking and income from Islamic financing fell by 2.7 per cent to RO46.3mn in the first half of the current year as compared to RO47.6mn in the same period last year, the bank said in a filing to the Muscat Securities Market.

In the filing, NBO said that its total operating income for the first half of 2019 stood at RO64.3mn as compared to RO63.6mn for the same period in 2018, an increase of 1.1 per cent. The bank's operating expenses for the first six months in 2019 was RO30.2mn, nearly same as last year.

While announcing its preliminary unaudited results for the first half of the year, NBO said its total assets in the first half of 2019 went up by 3.9 per cent to RO3.58bn versus RO3.45bn for the corresponding period of last year.

During the period under consideration, the bank's loans, advances and financing activities of customers amounted to RO2.81bn this year, up by 5.5 per cent from the RO2.66bn it reported in the same period a year ago.

In the filing, the lender also revealed that its customers' deposits and unrestricted investment accounts stood at RO2.48bn this year, nearly same as last year.

The bank however said that the financial results are subject to review by the external auditors and also the approval of the board of directors.


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Oman- NBO net profit falls 0.5% to RO25.3mn

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