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NBO profits surge 18pc
MUSCAT - National Bank of Oman (NBO) has reported a net profit of RO22.6 million for the first six months of 2008, an increase of 18 per cent over the comparable period of last year.
Net loans and advances increased by RO267 million to RO 1.2 billion and customer deposits rose by RO240 million to RO1.2 billion.Net interest income grew by 13 per cent to RO22.2 million and non-interest income by 76 per cent to RO 19 million.
Operating cost grew by RO2.5 million, while the cost to income ratio improved to 38 per cent from 43 per cent. Non-performing loans declined to 4.9 per cent of total loans and nearly 95 per cent of these are covered by provisions, the bank said in a statement.
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