HSBC Oman nearly doubles Q1 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia builds start-up culture with state oil money

Saudi Arabia builds start-up culture with state oil money

Gov't has previously has found it hard to promote start-ups in...

Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

The curious case of David Haigh

The curious case of David Haigh

The story of how the former Leeds United boss went from football...

3
Most Discussed