Gulf Times – National Bank of Oman sees profit growth slowing

National Bank of Oman, the sultanate’s second-largest lender by assets, may see its profit growth slow for the full year amid uncertainty in global markets and increased competition in the local banking sector, its chief executive has said.

Salaam bin Said al-Shaksy said the company posted a 14% rise in second-quarter net profit due to a combination of new products and grabbing more market share. But that level of growth may be difficult to sustain.

“We have done exceptionally well in the first half of the year, mainly in the second quarter. We probably don’t expect such acceleration that we experienced in the second quarter,” he said in an interview with Reuters. “The international financial markets have affected all of us.”

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