Bank Muscat eyes 14-15% credit growth in 2013

Bank Muscat, Oman's largest lender, expects its credit growth to be around 14-15 percent this year, driven by high government spending and higher wages for local citizens, local media quoted its chief operating officer as saying.

Oman will again spend heavily in 2013 on job creation and infrastructure projects, as authorities aim to avoid a repeat of the scattered street protests over economic conditions and political issues which hit the country in 2011.

On Saturday, parliament approved a more than 60 percent increase in the minimum wage for Omanis in the private sector, part of the country's plan to raise living standards and push more locals into the private sector.

Both factors will help to drive lending growth for Bank Muscat, COO Ahmed Al Abri told an investor meeting at the end of last week, according to a report in the Times of Oman newspaper.

"The opportunities identified by the bank include major infrastructure development projects and government focus on economic diversification and tourism development," he added.

The bank reported 16.2 percent growth in lending in 2012, which helped boost annual net profit by 18.5 percent over the previous year.

Related:
Companies

Market Performance

BankMuscat
0.526
-0.0020 -0.38 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudis cut wage, benefit bill in delicate pursuit of austerity

Saudis cut wage, benefit bill in delicate pursuit of austerity

Some Saudis appear prepared to accept austerity following the...

Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Most Popular
Most Discussed
sponsoredTracking