MUSCAT: BankDhofar reported a net profit of RO 30.244 million for the year-to-date December 31, 2019 (consolidated after tax), with its Islamic window achieving a 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 (pictured)said: “This year’s results have been impacted by some increase in net provisions from classification of certain large exposures, resulting in 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 achieve 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 RO 2.94 billion at the end of 2019 compared to RO 2.92 billion at the end of 2018. Total assets reached RO 4.33 billion in December 2019 recording an increase of 2.69 per cent compared to RO 4.21 billion at end of 2018.
Meanwhile, Maisarah Islamic Banking Services — BankDhofar’s Shariah-compliant window — has achieved a remarkable growth in profitability during 2019, posting a 17.36 per cent increase in net profit before tax with RO 6.97 million compared to RO 5.94 million in 2018.
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