Oman Arab Bank opens two new branches
As part of a continued expansion program, the Oman Arab Bank (OAB) has recently added two branches to its nation-wide network, bringing the total number of operating branches to 40. The two new branches opened at Wadi Kabir and at Falaj Al-Qabail in Port Sohar.
OAB reported a net profit of 6.1 million Omani rials ($15.84 million) for 2001, down from OR6.8 million registered during the previous year 2000. The net operating income went up by 20 percent to OR18.7 million in 2001, from OR15.6 million for the year 2000. The returns on shareholders’ equity were 16 percent last year
The bank’s total assets increased in 2001 by 16 percent to OR321 million from OR276 million the previous year. Customer deposits increased by 15 percent to OR240 million from OR207 million the previous year, while loans and advances moved up from OR227.4 million to OR230.7 million during the period under review.
Among the large-scale projects financed by OAB in 2001 are the Barka Power Station, Barka Water Transmission, Al-Kamil Power Station and Ghubra Desalination Project. — (menareport.com)
© 2002 Mena Report (www.menareport.com)