Al Omaniya’s Q1 net income up 7%

May 1, 2014 11:33 am

Oman’s largest non-banking financial firm, Al Omaniya Financial Services has reported a 7.1% increase in net profit to OR1.31m in the first quarter of 2014, compared with a net profit of OR1.22m in the same period of the previous year, Muscat Daily has reported. The company’s loan book recorded a growth of 1.16% to OR216m, against OR213.5m in the same period of the previous year. Diminishing margins due to intense competition, rising cost of funds, new banks entering the market and higher delinquencies due to reduced cash flows at the individual borrower level, are causes of concern, the firm said.