Complex Made Simple

HSBC Bank Oman sees 4.3% profit increase in H1

HSBC Bank Oman, which was recently formed by a merger of HSBC's Oman unit and Oman International Bank, has posted a 4.3% rise in net profit for the first six months of 2012, Reuters has reported. Net profit reached OR7.2m ($18.7m), compared with the OR6.9m the bank made in the corresponding period of 2011. Before the merger, OIB was Oman's fifth-largest bank, with the second-largest branch network in the country and gross assets of $3.2bn. The formal completion of the merger was announced at the beginning of June, with HSBC holding 51% of the new entity.