NBO assets cross RO 2 bn mark | Oman Observer

National Bank of Oman (NBO) posted a net profit after tax of RO 17.1 million for the half year ended June 2011, versus earnings of RO 14.6 million for the same period in 2010. Announcing the unaudited results for the six months ended June 30, 2011, NBO also reported a 9 per cent jump in total assets which reached RO 2.019 billion this year, from RO 1.854 billion during the corresponding period last year.

Loans and advances to customers climbed 10 per cent to RO 1.549 billion this year, up from RO 1.412 billion during the same period last year. Customer deposits were also 11 per cent higher at RO 1.455 billion this year, from 1.306 billion during the corresponding period of 2010.

The bank’s operating income jumped 12 per cent to RO 45.7 million at the end of the first half of this year, from RO 40.7 million last year. Operating expenditure was also higher at RO 21 million during the first half of this year, up 15 per cent over last year’s figure of RO 18.3 million. Operating profit climbed 10 per cent to RO 24.7 million during the six months ended June 30, 2011, from RO 22.5 million over the same period last year. The results are subject to the approval of NBO’s Board of Directors.

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