National Bank of Oman – Egypt Attains Profits worth $1 bln in 2012

The National Bank of Oman – Egypt recorded a net profit worth US $ 1.084 million by the end of 2012, 55.5% down from US $ 2.437 for the same period a year earlier.

Amwal Al Ghad has obtained a copy from the bank’s financial statements for the period ended on December 31, 2013 which have been endorsed by the Central Bank of Egypt (CBE) earlier this month.

The Bank’s investments in the government debt instruments also dropped to around US $ 9.233 million at 2012-end, against US $ 14.215 million for the same comparable period a year earlier.

It is worth to note that the bank’s USD9.233 mln investments in the government debt instruments were entirely in the short-term treasury bills.

Additionally, the NBO-Egypt’s customer deposit portfolio fell by 28.9% to US $ 52.395 million by 2012-end, opposed to US $ 73.736 million a year earlier. On the contrary, the bank’s deposit portfolio of institutions surged by 64.8% to US $ 5.283 million at 2012-end, compared to US $ 3.205 million at 2011-end.

Deposits of customers at NBO-Egypt sank by 33.2% to US $ 47.112 million, against US $ 70.531 million.

Moreover, the bank reported a decline of 79.4% in its loans and credit facilities portfolio to hit US $ 96.025 thousand at 2012-end, compared to US $ 466.7 thousand at 2011-end.

The bank had recorded a balance of letters of guarantees amounted to around US $ 1.409 million at 2012-end, versus US $ 2.019 million at 2011-end.

It is worth to mention that Amwal Al Ghad had exclusively reported the bank’s board decision to abolish banking license and exist the Egyptian market within the first half of 2014. The NBO has significantly reduced the size of its banking businesses over the last two years.

The National Bank of Oman owns its banking license to provide retail banking services to his clients in Egypt as well as to investment in the country’s market through its sole headquarters in Cairo amid closing its 4 other branches in the country over the last several years.

The bank, which has one branch in Abu Dhabi in UAE, has established 67 branches since its establishment in 1973 in Oman.