Omans Bank Sohar reports profit increase of 35 per cent
Omans Bank Sohar has increased its lending activity in the first six months of the year by 16 per cent to reach OR1.4bn ($3.6bn) compared with the same time period last year.
The banks increased lending helped drive net profits in an upward direction to reach OR16.6m by the end of June this year, marking a 35 per cent increase in profit compared with 2013.
Total assets also grew by 8.9 per cent to reach OR1.9bn. Customer deposits grew by 8.11 per cent.
The banks performance follows US ratings agency Fitchs decision at the end of June to affirm the banks long-term issuer default rating to BBB+ with a stable outlook.
The merger could create the second-largest bank in Oman, in terms of asset value.
A preliminary share swap ratio was proposed in early June and the proposal remains under consideration.
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