HSBC Oman posts 46% slump in Q1 net profit

Oman's fourth largest lender says it made profit of just over $8m during the first three months of 2014
HSBC Oman posts 46% slump in Q1 net profit
By Reuters
Mon 28 Apr 2014 01:39 PM

HSBC Bank Oman, an affiliate of HSBC Holdings, posted a 46 percent slump in net profit in the first quarter, as the lender didn't repeat gains registered in the same period last year.

Oman's fourth-largest lender by assets made a net profit of OR3.1 million ($8.1 million) in the opening three months of 2014, compared to OR5.7 million in the same period of 2013, according to a bourse filing on Monday.

HSBC Bank Oman said the fall was because the corresponding quarter in 2013 had been boosted by "large recoveries, release of a portion of the general provision and earnings from one-off fees".

Estimates from Gulf Baader Capital Markets and United Securities had forecast a net profit for the period of )R2.27 million and OR3.58 million respectively.

HSBC Bank Oman said earlier this month that it had agreed to sell its Indian business to Qatar's Doha Bank for an undisclosed amount, with the transaction set to close in the second quarter.

The bank named Andrew Long as its new chief executive on April 1, replacing Ewan Stirling, who left in February for a London-based role at HSBC.

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