NBO registers OMR44m net profit

Business Tuesday 16/January/2018 11:35 AM
By: Times News Service
NBO registers OMR44m net profit

Muscat: National Bank of Oman (NBO) said that its net profit for 2017 stood at OMR44 million, down from OMR55.8 million posted in the previous year. The bank’s loans, advances and financing activities for customers edged down by 0.6 per cent to OMR2,653.9 million in 2017, against OMR2,670.3 million for the previous year, according to a disclosure statement posted on the MSM website.
Customer deposits rose by 2.6 per cent to OMR2,461.3 million from OMR2,399.4 million during the period under review.
Interest income and income from Islamic financing fell by 8.5 per cent to OMR92.9 million in 2017, from OMR101.6 million for the previous year.
The financial results are subject to the approval of external auditors, board of directors, Central Bank of Oman and the shareholders of the bank.