National Bank of Oman records 2.3 percent income drop in 1H 2002
The National Bank of Oman recorded a 2.3 percent income drop in the first half of 2002 reaching six million Omani riyals ($15 million) compared to OR 6.18 riyals from the same period last year, reported a recent bank release.
The drop was attributed to the 110 percent increase in provisions in the first six months of the year compared to the first six months of 2001. Nevertheless, NBO’s operating income increased by 28.8 percent to OR 16.1 million, compared with OR 12.5 million recorded in the correspondent period of last year.
Headquartered in Muscat, NBO was set up in 1973 and is today one of the largest banks in the Sultanate with a paid up capital of OR 45.8 million ($119 million) and a net worth of OR 112 million ($291 million), as of December 2000. NBO has 55 service centers nationwide, five in Egypt and one in Abu Dhabi. By year-end 2001, NBO’s assets totaled OR 951 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)