NBO H1 Net Jumps 17pc

National Bank of Oman’s (NBO) net profit after tax rose 17 per cent to RO 19.92 million for the six months ended June 30, 2012 compared with earnings of RO 17.07 million during the same period of 2011.

Announcing its unaudited results for the first half of the year, NBO also reported a 24 per cent jump in total assets to RO 2.493 billion this year, from RO 2.018 billion during the corresponding period of 2011. Loans and advances to customers climbed 20 per cent to RO 1.861 billion this year, from RO 1.549 billion during H1 2011.

Customer deposits also increased 26 per cent to RO 1.827 billion this year, from RO 1.455 billion during the first half of last year.

Net interest income grew 17 per cent to RO 33.17 million during the first six months of this year, compared to RO 28.29 million last year. Operating income was also higher at RO 50.64 million this year, from RO 45.66 million during the same period last year, entailing an increase of 11 per cent. Operating expenditure climbed 7 per cent to RO 22.39 million this year, from RO 24.70 million during H1 last year.

Operating profit was 14 per cent higher at RO 28.25 million for the first six months of 2012, as against RO 24.70 million during the same period last year.

Omanobserver