Oman’s banking sector achieves 16.9 percent growth in 1Q02
Oman’s banking sector has witnessed a profitable period during the first quarter of the year 2002. The Sultanate’s five local banks listed on the Oman Securities Market achieved a 16.9 percent increase in their combined net profit for the first three months of 2002, compared to the corresponding period the previous year.
Only the Oman International Bank (OIB) experiencing a decline in net profits (2.6 percent), while the Alliance Housing Bank reported an impressive 47.2 percent increase in 1Q net profits, year on year, according to the Investment Management Group of the Oman Arab Bank (OAB).
The sector’s total return on assets reached 1.59 percent as on March 31, 2002, up from 1.47 percent in 2001. Alliace Housing Bank posted a 3.1 percent return on assets, while the National Bank of Oman (NBO) achieved a less impressive 1.27 percent.
Oman's banking sector consists of 16 local and foreign commercial banks, four specialized banks and three investment banks. — (menareport.com)
© 2002 Mena Report (www.menareport.com)