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BankDhofar profit up 253%
- Oman: Saturday, April 27 - 2013 at 05:11
Omani lender BankDhofar has posted a 253% surge in its net profit to OR32.44m for the first three months of 2013, compared with OR9.18m, thanks to OR26.1m written back from a legal case, Times of Oman has reported. Last month, the bank received a cheque of OR26.1m from the primary court following a legal case filed by the erstwhile Oman International Bank (currently HSBC Bank Oman) against Ali Redha Group and BankDhofar several years ago. BankDhofar's total assets also grew 14.81% to OR2.343bn from OR2.04bn. Operating income climbed 7.43% to OR22.15m from OR20.62m, while operating expense rose 22.31% to OR10.63m, which included star-up and pre-opening expense of OR0.59m for Maisarah Islamic banking service.
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