Nov 16 2011 |
more articles from
|
BankMuscat to secure $170m loan from IFC
By A. E. JAMES MUSCAT:: BankMuscat , Oman's biggest bank, is in a discussion with the Washington-based International Finance Corporation ( IFC ) to secure $170 million of subordinated debt.This investment by IFC is designed to strengthen the bank's capital position and support long-term dollar funding and asset growth, the bank said in a statement posted on MSM website. This transaction is subject to the approval of the IFC board and the regulators in the Sultanate.
Market sources said that the bank is sourcing funds to meet the growing demand for credit.
"There is a lot of demand for credit now. We were anticipating an incremental credit growth (of the banking industry) of RO800 million for the entire year. But it has already crossed RO1 billion now," said Sankar Kailasam, senior vice-president of Gulf Baader.
"With this facility, BankMuscat is preparing itself for meeting the growth in demand for credit, not only for this year, but also for the coming year." Kailasam said other banks may also secure subordinated loan facilities to meeting the growing demand.
BankMuscat earlier announced a 21 per cent growth in net profit at RO87.1 million for the first nine months of 2011, over the same period last year.
The growth in net earnings was attributed to a robust 16.7 per cent surge in net interest income at RO159.9 million for the first nine months, from RO137.1 million for the same period last year.
Further, non-interest income at RO60.8 million was higher by 18.3 per cent compared to RO51.4 million for the first three quarters of 2010. Net loans and advances increased by 17.2 per cent to RO4,537 million.
From RO3,870 million, while customer, including certificates of deposits, increased by 37.2 per cent to RO4,723 million as against RO3,442 million during the period under review.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment