Bank Muscat, Oman's largest lender, missed analysts' expectations despite posting on Wednesday a 59.1 percent jump in its first-quarter net profit, as it didn't repeat a one-off fraud provision that it was forced to make last year.
Gulf Navigation Holding, a maritime and shipping company, has accumulated losses of Dh1.4 billion ($381 million), which is more than half of its share capital, said a report.
It ability to continue operations h
BMI Bank, the Bahraini associate of BankMuscat, the largest financial services provider in Oman, has registered a BD12.2 million ($32.3 million) loss after provisions during the fourth quarter of 2009.
Announcing its preliminary financial
Several Saudi Arabian banks including the kingdom's largest, Al-Rajhi Bank, booked higher loan provisions in the second quarter amid concerns over the solvency levels of two heavily indebted Saudi conglomerates.
The increases were widely e
Saudi and Gulf banks may increase provisions on troubled Saudi groups towards the end of the year but levels will not be threatening, the chief economist of Saudi state-owned National Commercial Bank (NCB) said on Monday.
Banks in the Gulf