BankDhofar plans OMR40m rights issue
July 29, 2017 | 6:05 PM
by Times News Service
The bank said additional details about the rights issue of ordinary shares will be revealed when it is available. - Times file picture
 
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Muscat: BankDhofar plans to float a rights issue worth OMR40 million to enhance the bank’s equity capital (tier I).

The decision was taken by the board at its meeting last week.

The bank said additional details about the rights issue of ordinary shares will be revealed when it is available.

Earlier this month, Bank Dhofar had said its consolidated net profit for the first half of 2017 stood lower at OMR22.69 million, down from OMR26.17 million, for the same period of last year.

The bank’s net loans and advances grew by 9.57 per cent to OMR3,113.21 million from OMR2,841.41 million during the period under review. Likewise, customer deposits registered a growth of 8.45 per cent to touch OMR2,977 million.

The bank’s operating income declined by 7.57 per cent to OMR62.20 million, from OMR67.29 million, and operating expenses were down by 6.15 per cent to OMR29.23 million, according to a disclosure statement posted on the Muscat Securities Market (MSM) website.

Bank Dhofar said its total assets grew by 4.77 per cent to OMR3,976.44 million by June-end 2017, from OMR3,795.42 million for the same period of the previous year.


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