BankDhofar reports OMR 30.24 million net profit for 2019

Business Saturday 18/January/2020 18:55 PM
By: Times News Service
BankDhofar reports OMR 30.24 million net profit for 2019

Muscat: BankDhofar reported a net profit of OMR 30.244 million for the year-to-date 31st December 2019 (consolidated after-tax), with its Islamic window achieving remarkable growth in profitability recording a 17.36 per cent increase in net profit (before tax).
Commenting on the announcement, BankDhofar’s CEO Abdul Hakeem Al Ojaili said: “This year’s results have been impacted by some increase in net provisions from the classification of certain large exposures, resulting in the decline of net profits by 39.85 per cent compared to 2018. We are aware of the market challenges and, as a precautionary measure; we continue our cautious approach on increasing the loan and financing book, focusing on credit quality.”
Al Ojaili stressed on the bank’s commitment to achieving sustainable growth, reiterating optimistic plans as part of its vision for and post 2020. “We are looking forward to a great year as we set our business goals and day-to-day operations to achieve sustainable growth and bring in value to our partners and stakeholders,” he noted.
As of 31st December 2019, customer deposits increased by 0.64 per cent to reach OMR 2.94 billion at the end of 2019 compared to OMR 2.92 billion at the end of 2018. Total assets reached OMR 4.33 billion in December 2019 recording an increase of 2.69 per cent compared to OMR 4.21 billion at the end of 2018.
Meanwhile, Maisarah Islamic Banking Services - BankDhofar’s Sharia-compliant window - has achieved remarkable growth in profitability during 2019, posting a 17.36 per cent increase in net profit before tax with OMR 6.97 million compared to OMR 5.94 million in 2018.
Reaffirming its commitment to continuously boost its role as a key player in the Omani financial market and as the main contributor to the diversification of the local economy, BankDhofar aligns its operational strategy with the national future vision of Oman that is fully integrated into the economic realities and is objectively orientated towards the future foresight.