HSBC Oman posts 88% surge in 2013 net income

February 1, 2014 12:49 am

HSBC Bank Oman has said its full-year net profit grew 87.9% in 2013 to OR10.9m, compared with a net profit of OR5.8m in the previous year, Muscat Daily has reported. This was the lenders’ first full-year performance as an integrated entity, following the merger of HSBC Bank Middle East’s Oman operations with Oman International Bank (OIB) in June 2012. The bank’s loans and advances, net of provisions and reserved interest, fell 17.9% to OR980.5m from OR1.19bn for the year ended December 31, 2012. Customer deposits climbed 3.2% to OR1.79bn, compared with OR1.85bn in the previous year.