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HSBC Oman posts 91% surge in profit
- Oman: Thursday, May 02 - 2013 at 06:24
HSBC Bank Oman has reported a 91% surge in net profit for the first quarter of 2013 to OR5.7m, Muscat Daily has reported. Loans and advances, net of provisions and reserved interest, increased 119% to OR1.06bn from OR485.2m, while customer deposits grew 155% to OR2.12bn, the lender said. "The increase in loans and advances and customer deposits is mainly from combining the two businesses of Oman International Bank (OIB) and HSBC Bank Middle East, Oman branches, following the merger in 2012," the bank said.
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