National Bank of Oman posts fall in net profit

Muscat: National Bank of Oman has reported that its net profit declined by 7.2 per cent to OMR55.8 million in 2016, from OMR60.10 million in 2015. However, the bank’s net interest income and income from Islamic financing rose by 7.3 per cent to OMR101.6 million in 2016, from OMR94.70 million in2015.
According to preliminary unaudited results, net loans and advances grew by 5.4 per cent to OMR2.67 billion for 2016, from OMR2.53 billion in 2015. Also, customer deposits and unrestricted investment accounts grew by 6.6 per cent to OMR2.40 billion, from OMR2.25 billion.
Total net operating income for the bank edged up 0.3 per cent to OMR136.1 million in 2016, from OMR135.7 million in 2015. Also, operating expenses increased by 4.5 per cent to OMR62.7 million from OMR60 million during the period under review, while total assets grew by 8.3 per cent to OMR3.53 billion in 2016, from OMR3.26 billion.
The financial results are subject to the approval of external auditors, the board of directors, Central Bank of Oman and the shareholders of the bank, according to a disclosure statement posted on the MSM website.