HSBC Bank Oman posts robust growth in net profit

Muscat: HSBC Bank Oman reported that its net profit for 2016 soared by 31 per cent to OMR16.9 million, from OMR12.9 million in 2015.
According to the initial unaudited financial results, net loans and advances moved up by 18.1 per cent to OMR1,418.40 million by end-December 2016, from OMR1,200.80 million in the same period in 2015. However, customer deposits increased 3.6 per cent to OMR1,866.7 million from OMR1,802.3 million during the period under review, according to a disclosure statement posted on the MSM website.
Also, the bank’s operating income edged up by 2.3 per cent to OMR75.2 million, from OMR73.5 million, while operating expenses were down to OMR48.4 million from OMR54.7 million.
Additionally, loan impairment charges were higher, at OMR5.6 million for 2016, against OMR3.4 million for 2015.
Total assets of the bank also moved up by 2.5 per cent to OMR2,253.9 million from OMR2,199.9 million.
The initial results are subject to approval of the board, the Central Bank of Oman and shareholders of the bank.