Oman Observer

HSBC Bank Oman first-half profit up by 87.8 per cent

Business Reporter –
MUSCAT, JULY 31 –
HSBC Bank Oman S.A.O.G. announced a net profit of RO 15.4m for the first half of 2018 representing an 87.8 per cent increase compared with RO 8.2m for the same period in 2017, driven primarily by a 19.6 per cent growth in revenues.
Net trading income increased by 25.5 per cent due to higher trading volumes and Balance Sheet Management optimisation. In addition, fees from our Wholesale Bank grew 43.6 per cent, as we leveraged our local relationships and our global expertise in Investment Banking and Capital Markets.
“Our strong performance in the retail and corporate sectors enabled us to deliver a positive uplift in operating income at the half year.” said Andrew Long, CEO of HSBC Bank Oman.
He added, “Loans and advances to customers grew by 5.0 per cent to RO1,397.0m compared with RO1,331.1m as at 30 June 2017, growth largely being in the bank’s wholesale loans and advances. Customer deposits increased by 4.6 per cent to RO2,049.0m compared with RO1,958.8m as at 30 June 2017.”
On the digital front, the bank increased its “new to bank” digital engagement 45 per cent during the second quarter.
“Our payments and cash management platform remains market leading, allowing us to provide best in class solutions both locally and internationally, leveraging both our local knowledge, capabilities and expertise, combined with the regional and global connectivity of the HSBC Group.”
The bank continued to show its support to the national agenda with an Omanisation rate of over 93 per cent at the half-year. During the first half of the year, 500 Omani candidates were invited to attend interviews for career opportunities made available by the bank under the government’s national recruitment drive. Additional candidate profiles are currently being screened to shortlist candidates for the remaining opportunities.
HSBC Bank Oman operates an extensive network of 48 branches and over 100 ATMs across the country. Through its delivery channels, the bank offers a comprehensive suite of financial products and services designed to serve the needs of retail, corporate and institutional customers.