National Bank of Oman (NBO) said that its net profit for 2017 stood at OMR44 million, down from OMR55.8 million posted in the previous year. The bank’s loans, advances and financing activities for customers edged down by 0.6 per cent to RO2,653.9mn in 2017, against OMR2,670.3 million for the previous year, according to a disclosure statement posted on the MSM website.
Customer deposits rose by 2.6 per cent to RO2,461.3mn from RO2,399.4mn during the period under review.
Interest income and income from Islamic financing fell by 8.5 per cent to RO92.9mn in 2017, from RO101.6mn for the previous year.
The financial results are subject to the approval of external auditors, board of directors, Central Bank of Oman and the shareholders of the bank.