BankDhofar logs 16% net profit growth

Business Wednesday 27/January/2016 19:22 PM
By: Times News Service
BankDhofar logs 16% net profit growth

Muscat: BankDhofar posted a net profit growth of 15.62 per cent in 2015 at OMR46.77 million as against OMR40.45 million in 2014.
The full year net loans, advances and financing to customers reached OMR2.73 billion, showing a significant growth of 21.33 per cent from OMR2.25 billion at the end of December 2014. The customer deposits mobilised by the bank achieved a prudent growth of 4.43 per cent from OMR2.48billion at the end of 2014 to reach OMR2.59billion at the end of 2015.
The key profitability indicators also showed positive growth with net interest and financing income achieving a solid growth of 17.47 per cent to reach OMR90.21 million for the year 2015 compared to OMR76.79 million achieved in 2014.
Non-interest and non-financing income such as fees and commission, foreign exchange profit, investment and other income have grown 13.39 per cent to reach OMR25.02 million in 2015as compared to OMR22.06 million achieved in the previous year.
The cost-to-income ratio during the year 2015 improved to 44.43 per cent as compared to 46.69 per cent in 2014. In line with loan growth and regulatory requirement, the provision for loan impairment, net of recovery, during the year 2015 stood at OMR8.78 million, as against OMR6.93 million in 2014. The impairment of investments due to downward market movements during the year is OMR 2.74 million.
The BankDhofar board of directors have recommended a cash dividend of 15 per cent amounting to OMR23.17 million and 10 per cent bonus shares aggregating to 154.47 million shares of OMR0.100 each, of the share capital of the bank, subject to regulatory approvals.
In recognition of its commitment to customers BankDhofar has received 18 prestigious awards from local and international institutions including: ABF Retail Banking Awards 2015, SME Bank of the Year – Oman, Islamic Bank of the Year – Oman 2015, and the OER Finance Summit & Top 20 Awards, amongst other awards.