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National Bank of Oman records 42.5% fall in profit

Bank’s net profit falls to $68 million in 2009

January 17, 2010 2:50 by

National Bank of Oman has reported a net profit of OMR 26.11 million ($68 million) in 2009, a 42.5 percent drop compared to OMR 45.38 million ($118 million) in 2008, reports Reuters. The bank posted a 6 percent fall in customers’ deposits and a 2.5 percent drop in loans during 2009.

The bank’s results are subject to approval from its board of directors and it did not provide a quarterly breakdown, says the Reuters report.

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