Bank Dhofar, Oman's third-largest bank by market capitalisation, swung to a net profit in the first half, after taking a one-off provision in the same period last year which pushed it into the red.
The lender made a profit of 19.5 million rials ($50.6 million) in the six months to June 30, according to a statement to the Muscat bourse on Wednesday. In the same period last year, the bank reported a 4.6 million rials loss.
First-half profits in 2011 were hit by a 26.1 million rials provision the bank took after it lost a court case with HSBC Bank Oman and Ali Redha Trading and Muttrah Holding over the ownership of 1.9 million Bank Dhofar shares.
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