gulfnews : Bank Dhofar sees return to profit in second half of year

Omani lender Bank Dhofar said a $68 million (Dh249.7 million) lawsuit filed by rival Oman International Bank will not hit profit performance in the second half because it has already set aside funds to cover any penalty.

Mohammad Redha Jawad, acting chief executive of Oman's third-largest bank by assets, said the lender had seen the brunt of the impact in the first half when it slumped to a net loss.

Bank Dhofar was ordered to pay 26.1 million riyals ($68 million) into an enforcement court's account as part of the dispute. The case is continuing.

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