OAB’s net profit up 16 percent in first nine months of 2003
Oman Arab Bank (OAB) reported a net profit of 7.02 million Omani rials ($18 million) for the first nine months of 2003, a 16 percent increase over the same period last year.
Net interest income increased by 6.2 percent from January to September to OR 11.33 million. Loans and advances reached RO 227.71 million compared to OR 216.83 million during the same period last year and customer deposits increased by nine percent in 2001 compared to last year’s OR 306.73 million.
OAB was established in 1984 as a closed joint stock company. The bank began its operations after acquiring the branches of Arab Bank, Jordan, which had been operating in Oman since 1973.
In 1992, operations in the Sultanate were further expanded by the acquisition of all the retail branches of Omani European Bank, with which OAB then merged in 1994. Some 49 percent of the Bank's share capital is held by Arab Bank and the remaining 51 percent is held by Oman International Development and Investment. — (menareport.com)
© 2003 Mena Report (www.menareport.com)