News Column

Bank Dhofar net profit for 2013 up 54.74 per cent at OMR 58.4 million

January 21, 2014

Oman's Bank Dhofar reported profit before tax from conventional banking of OMR 68.34 million , up 59.3 per cent. The bank's Maisarah Islamic Banking Services showed a loss for the year of OMR 2.2 million . Profit from operations after provisions jumped 54.17 per cent to OMR 66.14 million , boosted by OMR 26.1 million written back following a legal case was that was originally filed by HSBC Oman against Bank Dhofar and Ali Redha Group in 2011. Profit from operations was down 5.96 per cent at 44.24 million. Operating expenses jumped 22.32 per cent to OMR 45.32 million while operating income rose 6.5 per cent to OMR 89.56 million . Total shareholders' equity was up 16.1 per cent at OMR 303.6 million . Customers' deposits were up 24.29 per cent to OMR 2.03 billion while net loans and advances rose 13.72 per cent to OMR 1.9 billion . Total assets were up 21.53 per cent to OMR 2.6 billion .


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Source: CPI Financial


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