Complex Made Simple

Oman’s Bank Dhofar sees rise in H2 profit

The chief executive of Bank Dhofar has said that the Omani lender's second-half net profit is forecasted at OR21m, compared with OR15.6m in the same period in 2010, Reuters has reported. Mohammed Redha has clarified that a $68M lawsuit filed by rival Oman International Bank will not impact profit performance in the second half because it has already set aside funds to cover any penalty. Bank Dhofar fell to a loss of OR4.6m in the first half, from a profit of OR17.7m in the year-ago period.