The IDRs, SR and SRF are sensitive to a change in Fitch's assumptions around the Omani authorities' propensity or ability to provide timely support to
Capitalisation remains relatively weak compared with peers, with a Fitch core capital ratio of 10.4 per cent at end-2013. However, Fitch expects growth to remain relatively moderate and for dividends to remain low, which should help boost capitalisation.
Loan quality ratios for Fitch-rated Omani banks are generally sound, and
Deposits are concentrated, which is common in the region, particularly to the government, but tend to be stable despite their short maturities.
The bank continued to report solid growth in earnings and profitability in 2013 and of first quarter of 2014. Net income grew by 17 per cent in 2013, driven by increases in both net interest and fee income.
The relatively low capitalisation is the key negative driver for the bank's
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SEPTEMBER 2, 2014
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