National Bank of Oman (NBO) posted a 39.4 per cent jump in net profit for the first nine months of 2021, which climbed to RO 23.5 million, up from RO 16.9 million for the corresponding period of 2020.
Announcing its preliminary unaudited results for the Jan – Sep 2021 period, the lender said in a filing to the Capital Market Authority (CMA) that total operating income rose 4.4 per cent to RO 92.0 million this year, up from RO 88.2 million for the corresponding period of 2020.
Operating expenses dipped 3.3 per cent to RO 46.4 million, compared to RO 48.0 million for the corresponding period of 2020. “The reduction year on year is due to various efficiency initiatives undertaken across the bank,” NBO said, adding that operating profit grew strongly by 13.6 per cent year on year as a result.
Net loans and advances, including Islamic financing, stood at RO 3.033 billion as of September 30, 2021 versus a total of RO 2.903 billion for the corresponding period of last year – a growth of 4.5 per cent.
Customer deposits and unrestricted investment accounts were pegged at RO 2.750 billion this year, compared to RO 2.577 billion for the corresponding period of 2020, representing an increase of 6.7 per cent.
In terms of deposit composition, CASA deposits as a proportion of total deposits increased to 66.5 per cent this year versus 60.8 per cent for the same period in 2020, the Bank added.