Monday 17, July 2017 by Georgina Enzer

National Bank of Oman H1 net profits down 11.2 per cent

National Bank of Oman (NBO) has reported net profits after tax of OMR 26.1 million, down 11.2 per cent.

Profit before tax was down 10.4 per cent while operating profit fell 9.5 per cent.

The bank reported a 1.4 per cent rise in total assets to OMR 3,605.6 million. Loans and advances fell 0.4 per cent to OMR 2,782.8 million but customers’ deposits rose six per cent to OMR 2,587 million.

National Bank of Oman saw a 6.2 per cent drop to OMR 46.9 million. Total net operating income was down 3.1 per cent to OMR 65.7 million.

The bank noted that, in accordance with the recent changes to the Omani tax regulations, income tax is calculated at 15 per cent for year 2017 as compared to 12 per cent for the previous year.

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