National Bank of Oman (NBO) reported a net profit of RO 10.2 million for the first three months of 2022, compared to RO 6.9 million for the corresponding period of 2021, representing a growth of 48.6 per cent.
Announcing its preliminary unaudited results for the quarter, Abdullah bin Zahran al Hinai, CEO, said total operating income rose 6.7 per cent to RO 33.2 million, up from RO 31.1 million for Q1 2021. Operating expenses were lower by 9.6 per cent at RO 14.5 million this year, down from RO 16.1 million in Q1 2021. The reduction year-on-year was due to various “optimisation measures” undertaken by the bank, the CEO noted. Operating profit, as a result, grew strongly by 24 per cent year-on-year, he stated.
Net loans and advances, including Islamic financing, rose 9.6 per cent to RO 3.189 billion this year versus RO 2.910 billion for the corresponding period of 2021. Customer deposits and unrestricted investment accounts increased by 20.6 per cent to RO 3.134 billion this year, up from RO 2.598 billion last year.
Total assets rose 12.9 per cent to RO 4.258 billion this year, up from RO 3.773 billion for Q1 2021.
Oman Observer is now on the WhatsApp channel. Click here
