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Bank Dhofar profit surges to 58.4m rials

January 23, 2014

Staff Reporter MUSCAT Bank Dhofar has seen a 54.74 per cent rise in net profit for 2013. The bank posted a net profit of 58.4 million rials , according to a statement to the bourse, much higher than the 37.7 million rials the bank made in 2012. The profit soaring was on account of the Oman Primary Court returning 26.1 million rials to the bank in a 2011 case involving Oman International Bank and Ali Redha Trading and Muttrah Holding over the ownership of 1,925,000 bank shares in March. The bank, which has made a merger proposal to Bank Sohar , had earned a favourable verdict in a 2011 case after the appeals court overturned a judgment relating to a 2011 case involving Oman International Bank and Ali Redha Trading and Muttrah Holding over the ownership of 1,925,000 Bank Dhofar shares. The bank saw its loans and advances grow 13.7 per cent to 1.9 billion rials from 1.67 billion rials . Deposits went up 24.3 per cent to 2.03 billion rials . The total assets grew to 2.61 billion rials , a 21.53 per cent jump over 2.14 billion rials in 2012. The operating income was up 89.56 million rials against 84.09 million rials in 2012, a 6.5 per cent rise. The operating expense went up by 22.32 per cent to 45.32 million rials when it was 37.05 million rials last year. The bank's Islamic banking operations showed a loss of the 2.2 million rials . Bank Dhofar had said that it had approached Bank Sohar with a merger proposal which the latter said that it was considering. The bank authorities clarified that the results were unaudited and subject to approval by the board, CBO and the shareholders.OMAN TRIBUNE


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Source: Oman Tribune


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