HSBC Bank Oman has posted a 45.6% drop in its net profit to OR3.1m in the three-month period ended March 31, 2014, compared with OR5.7m for the same period of 2013, Muscat Daily has reported. The bank said its net profit in the first quarter of 2013 had benefited from large recoveries, the release of a portion of the general provision, and earnings from one-off fees. During the quarter, loans and advances, net of provisions and reserved interest, fell 4.5% to OR1.02bn, due to the sale of the syndicated loan book and repayment of loans, compared with OR1.06bn as of March 31, 2013. Customer deposits also declined 7.9% to OR1.95bn due to a reduction in corporate deposits, compared with OR2.11bn as of March 31, 2013.
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