National Bank of Oman records OMR13.8m net profit

Muscat: National Bank of Oman (NBO) said that its net profit for the first quarter of 2017 inched down by 0.7 per cent to OMR13.8 million from OMR13.9 million for the same period of last year. The bank’s net interest income and income from Islamic finance stood lower at OMR24 million from OMR24.7 million, according to the first quarter results posted on MSM website.
NBO’s net loans and advances grew by 6.6 per cent to OMR2,799.8 million by end-March 2017, from OMR2,625.8 million for the same period of last year. Also, customer deposits and unrestricted investment accounts rose by 5.7 per cent to OMR2.530.5 million from OMR2,394.1 million. The bank has a total asset of OMR3,606 million by end-March 2017, showing a growth of 5.6 per cent over the same period of last year.
In accordance with the recent changes to the tax regulations, income tax is calculated at 15 per cent for year 2017 as compared to 12 per cent for the previous year.
The financial results are subject to review by the external auditors and approval by the board of directors.