HSBC Oman unit Q1 net profit up 91pc
Muscat, April 30, 2013
HSBC Bank Oman, a unit of HSBC and the Sultanate's third-largest by market value, said its first-quarter net profit rose 91 per cent from a year earlier after it benefited from loan recoveries.
The lender, Oman's third-largest by market value, made a net profit of RO5.7 million ($14.81 million) in the first three months of the year, compared with RO3 million in the corresponding period of 2012, a bourse filing from the bank said.
The bank's earnings were boosted in the first quarter of 2013 by a RO2.5 million write-back of previously impaired loans. The bank was formed last year by a merger of HSBC's Oman unit and Oman International Bank.
HSBC holds 51 per cent of the new entity. Previously, OIB was Oman's fifth-largest bank, with the second-largest branch network in the country and gross assets of $3.2 billion.-Reuters