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NBO POSTS RO44MN NET PROFIT FOR 2017.

National Bank of Oman (NBO) reported a net profit of RO44mn for the year ended December 31, 2017. The bank's 2017 net profit fell 21.1 per cent compared with RO55.8mn net profit reported for the previous year.

NBO's net loans, advances and financing activities for customers marginally decreased 0.6 per cent to RO2.65bn as of December 31, 2017 from RO2.67bn a year ago. Customers deposits and unrestricted investment accounts grew 2.6 per cent to RO2.46bn from RO2.4bn a year ago, according to NBO's preliminary unaudited results disclosed to the Muscat Securities Market.

The bank's net interest income and income from Islamic financing decreased 8.5 per cent to RO92.9mn in 2017 compared to RO101.6mn in 2016. Operating income in 2017 rose 13.5 per cent to RO39.2mn from RO34.5mn in the previous year. NBO recorded a three per cent increase in operating expenses at RO64.5mn for 2017 compared to RO62.7mn in 2016. The bank's total assets stood at RO3.47bn as of December 31, 2017 compared to RO3.53bn a year ago.

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Publication:Muscat Daily (Muscat, Oman)
Article Type:Financial report
Date:Jan 17, 2018
Words:226
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