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HSBC Bank Oman posts Q2 2014 results

July 22, 2014

HSBC Bank Oman S.A.O.G. announced a net profit of OMR 5.7 million for the first half of 2014. While this represented a 38.7 per cent decrease over the same period last year, the comparative period in 2013 had benefitted from large recoveries and a release of a portion of the general provision.

Net operating income before loan impairment charges increased by 2.7 per cent to OMR 34.1 million compared to OMR 33.2 million for the same period in 2013.  Net interest income was flat at OMR 23.1 million while total other operating income increased by 8.9 per cent to OMR 11.0 million compared to OMR 10.1 million for the same period in 2013.

David Eldon, Chairman of HSBC Bank Oman, said, "We have built on the positive momentum seen in the first quarter by remaining focused on our strategy of growing revenues, streamlining processes and procedures, and implementing the highest global standards to protect the Bank, our shareholders and our customers against the growing risks of financial crime. I am particularly pleased with the growth in value of loans and advances to our customers since the date of our Annual General Meeting in March."

He added, "We continue to see strong sales activity in Retail Banking & Wealth Management following the introduction of a more focused customer-centric way of serving customers, with our staff having more valuable conversations with customers about their financial needs.  In Commercial Banking, our local expertise combined with our international connectivity is proving to be a compelling proposition enabling HSBC Bank Oman to win important new business."

Commenting on its operations in India, Eldon said, "Further to our statement in April when we announced we had entered into an agreement to sell our banking business in India to Doha Bank QSC, discussions are continuing with all the relevant stakeholders as we seek to conclude this deal during the last quarter of the year."

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Source: CPI Financial

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