25 April 2013
Muscat: BankDhofar said its net profit shot up 253 per cent to OMR32.44 million for the first quarter of 2013 from OMR9.18 million, thanks to OMR26.1 million written back from a legal case.
BankDhofar last month received a cheque of OMR26.1 million from the primary court.
This follows a legal case filed by the erstwhile Oman International Bank (currently HSBC Bank Oman) against Ali Redha Group and BankDhofar several years ago. The case has been going on in different courts, which ultimately went to the Supreme Court. The amount of OMR26.1 million received by BankDhofar was transferred in June 2011 from BankDhofar to the Primary Court account under the above mentioned court proceedings.
BankDhofar is the only bank that announced a phenomenal growth in net earnings in the first quarter of this year.
Net loans and advances of the bank moved up 8.4 per cent - from OMR1.579 billion to OMR1.711 billion, while deposits from customers soared 14.9 per cent from OMR1.560 billion to OMR1.792 billion, the bank said in a statement posted on MSM website yesterday.
BankDhofar said its total assets also showed a robust growth of 14.81 per cent to OMR2.343 billion from OMR2.040 billion.
Operating income up
The bank's operating income was up by 7.43 per cent to OMR22.15 million from OMR20.62 million, while operating expense moved up by 22.31 per cent to OMR10.63 million. Operating expense include star-up and pre-opening expense of OMR0.59 million for Maisarah Islamic banking service.
Profit from operations, after provision, also shot up by 255 per cent to OMR36.89 million. The initial results are un-audited and have not yet been presented to the bank's board.
Muscat: BankDhofar said its net profit shot up 253 per cent to OMR32.44 million for the first quarter of 2013 from OMR9.18 million, thanks to OMR26.1 million written back from a legal case.
BankDhofar last month received a cheque of OMR26.1 million from the primary court.
This follows a legal case filed by the erstwhile Oman International Bank (currently HSBC Bank Oman) against Ali Redha Group and BankDhofar several years ago. The case has been going on in different courts, which ultimately went to the Supreme Court. The amount of OMR26.1 million received by BankDhofar was transferred in June 2011 from BankDhofar to the Primary Court account under the above mentioned court proceedings.
BankDhofar is the only bank that announced a phenomenal growth in net earnings in the first quarter of this year.
Net loans and advances of the bank moved up 8.4 per cent - from OMR1.579 billion to OMR1.711 billion, while deposits from customers soared 14.9 per cent from OMR1.560 billion to OMR1.792 billion, the bank said in a statement posted on MSM website yesterday.
BankDhofar said its total assets also showed a robust growth of 14.81 per cent to OMR2.343 billion from OMR2.040 billion.
Operating income up
The bank's operating income was up by 7.43 per cent to OMR22.15 million from OMR20.62 million, while operating expense moved up by 22.31 per cent to OMR10.63 million. Operating expense include star-up and pre-opening expense of OMR0.59 million for Maisarah Islamic banking service.
Profit from operations, after provision, also shot up by 255 per cent to OMR36.89 million. The initial results are un-audited and have not yet been presented to the bank's board.
© Times of Oman 2013
