HSBC Oman nearly doubles Q1 net profit

Oman's third largest lender posts 91% increase after benefiting from loan recoveries

HSBC Bank Oman, a unit of HSBC, on Tuesday said its first-quarter net profit rose 91 percent from a year earlier after it benefited from loan recoveries.

The lender, Oman's third-largest by market value, made a net profit of OR5.7m ($14.81m) in the first three months of the year, compared with OR3m in the corresponding period of 2012, a bourse filing from the bank said.

The bank's earnings were boosted in the first quarter of 2013 by a OR2.5m write-back of previously impaired loans.

The bank was formed last year by a merger of HSBC's Oman unit and Oman International Bank. HSBC holds 51 percent of the new entity.

Previously, OIB was Oman's fifth-largest bank, with the second-largest branch network in the country and gross assets of $3.2bn.

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