Oman bank profits, loans ‘growing solidly’

Abu Dhabi, October 22, 2011

Commercial banks in Oman are growing solidly and they are expected to post roughly a 10 per cent rise in profits this year, the head of the central bank, Hamood Sangour al-Zadjali, said on Saturday.

'The Oman banking sector is resilient, strong and comfortable. Looking at profits of Q3, we will see upward growth of about 10 per cent for 2011,' Hamood Sangour Al-Zadjali told Reuters on the sidelines of a meeting of Gulf Arab finance ministers and central bankers.

He said profits were being driven by core business and credit growth. Loan books were growing at a rate of 8 to 10 per cent on year at the end of the third quarter, and deposits were showing similar expansion, he added. – Reuters

Tags: abu dhabi | Central Bank | Loans | profits | Oman banks |