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HSBC Oman reports 63% drop in 2012 profit
- Oman: Sunday, February 03 - 2013 at 02:03
HSBC Bank Oman has reported a 62.7% drop in 2012 net profit to OR5.8m from OR15.5m in the previous year, due to higher impairment charges and a rise in operating expenses to OR48.7m, Times of Oman has reported. The bank, however, posted a 60.2% jump in operating income and a 81.5% surge in net interest income. Customer deposits climbed 147.8% to OR1.85bn, compared with the same period in 2011, while loans and advances, net of provisions and interest reserves, rose to OR1.19bn from OR454mn in 2011, the bank said.
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