MUSCAT, JULY 15 - National Bank of Oman (NBO), the Sultanate’s second largest lender, posted a net profit of RO 26.1 million for the first six months ended on June 30, 2017, compared to RO 29.4 million for 2016, entailing a decline of 11.2 per cent.
Announcing its preliminary unaudited results for the first half of the year, NBO said its total assets edged up 1.4 per cent to RO 3.605 billion versus 3.336 billion for the corresponding period of last year. Loans, advances and financing activities of customers amounted to RO 2.782 billion this year, marginally lower than last year’s net of RO 2.792 billion. Customer deposits and unrestricted investment accounts totalled RO 2.587 billion this year, up six per cent from RO 2.439 billion last year.
Net interest income and income from Islamic financing dipped 6.2 per cent to RO 46.9 million during H1 2017 from RO 50 last year. Operating expenditure rose 5.5 per cent to RO 30.5 million this year, up from RO 28.9 million last year.
By Business Reporter
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