Apr 28 2012
|more articles from|
NBO's Q1 net jumps 24 per cent
Operating income increased by 12 per cent to RO 8.6 million in the first quarter of 2012 compared to RO 7.6 million for the same period in 2011. Total expenses were at RO 10.9 million, an increase of 5 per cent over the first quarter of 2011, mainly on account of higher marketing expenses. The cost to income ratio improved from 49.4 per cent as at the end of March 2011 to 44.3 per cent at March 31, 2012.
Net impairment losses for the first quarter of 2012 stood at RO 2.6 million, RO 0.9 million higher than for the same period in 2011 due, mainly, to an increase in impairments of investments classified under the available for sale category.
The non-performing loan ratio improved to 2.8 per cent at March 31, 2012 from 2.9 per cent at December 31, 2011, while the bank's provision coverage ratio stands at over 100 per cent at the end of the first quarter of 2012.
Total net loans and advances grew by 7 per cent to RO 1.79 billion from RO 1.67 billion at December 31, 2011. Total customers' deposits grew to RO 1.72 billion at the end of the first quarter of 2012, an increase of 7.5 per cent over December 2011, as the bank increased its low cost deposits by RO 178 million.
The bank's capital adequacy ratio was 14.5 per cent as at March 31, 2012 compared to 15.3 per cent as at December 31, 2011.
"The bank's capital position will continue to be carefully managed and maintained at a level well above Central Bank's minimum requirement of 12 per cent," the Chairman said.
On Islamic banking, he said NBO is continuing to develop the Islamic banking product and service offerings and is well positioned to take advantage of this opportunity once the regulatory framework is finalised.
© Copyright Zawya. All Rights Reserved.
More in Oman
- UPDATE 1-Korean women scrap meeting Japanese mayor over brothel remarks
- REFILE-Elderly Korean women cancel meet with Osaka mayor over war brothel remarks
- Korean "grannies" cancel meet with Osaka mayor over war brothel remarks
- Solar plane completes second leg of cross-country flight in Texas
- College student snares record long Burmese python near Miami
- There's More