The Omani banking sector announced net profits of $53 million for the first three months of 2001—representing a 15.9 percent drop relative to the corresponding period of 2000, reported AFP news agency on Monday, June 11.
Experts attribute the loss to the new strict provisioning norms and accounting standards that have been applied in all major commercial banks.
According to Oman’s central bank, the combined assets of all banks reached $10.4 billion in the first quarter of 2001, accounting for a 10.3 percent rise relative to the corresponding figures of last year. Loans and advances rose 6.2 percent to $7.9 billion, while the total deposits of commercial banks amounted to $6.7 billion—13.5 percent higher relative the the $5.9 billion figure in the corresponding period of 2000.
There are fifteen commercial banks in Oman operating under 319 branches. —(MENA Report)
© 2001 Mena Report (www.menareport.com )