Bank Muscat net profits grow 28 percent in first quarter 2002
Oman’s Bank Muscat announced net profits of 6.45 million Omani rials ($17 million) for the first quarter the financial year 2002 and a 10 percent dividend for the year 2001. The banks net profits registered an increase of 28 percent compared to last year’s first quarter results of OR4.73 million.
The bank reduced its operating expenses down to 44.25 percent in 2001 from 49.9 in 2000. The expense reduction is attributed to Muscat Bank’s merger with the Commercial Bank of Oman in 2000.
Bank Muscat is the largest bank in the Sultanate of Oman with assets in excess of OR 1.3 billion ($3.4 billion). Main shareholders of the Bank include the governmental Diwan of Royal Court and Societe Generale who are represented on the Board of the Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)