HSBC Bank Oman posts 52 per cent growth in profit

01/08/2016 07:28 AST

HSBC Bank Oman achieved a net profit of OMR7.9 million for the first half of 2016, representing a 51.9 per cent increase compared to OMR5.2 million for the same period in 2015.

Net operating income before loan impairment charges increased by 3.6 per cent to OMR37.4 million compared to OMR36.1 million for the same period last year. Net interest income increased by 10 per cent to OMR26.5 million for the period ended June 30 2016, up from OMR24.1 million for the same period in 2015.

“As a bank with one of the strongest capital positions in Oman and with a healthy level of liquidity, we anticipate being able to take advantage of business opportunities as they arise in the Omani market. In addition, we have continued to build on the positive momentum seen in the first quarter by remaining focused on our strategic objectives of growing revenues, streamlining processes and procedures, reducing costs and implementing the highest global standards,” said David Eldon, chairman of HSBC Bank Oman.

“I am pleased to report that we managed to deliver a reasonable quarter in spite of the continuing period of low oil prices that weigh heavily on consumer sentiment and economic performance,” David added.

“In retail banking and wealth management, our momentum of customer acquisition across all asset products has continued, and we launched a sukuk investment product for the first time in Oman. In commercial banking, we have achieved further corporate assets growth since the beginning of the year,” he said.

HSBC Bank Oman was appointed as the sole international financial adviser to Petroleum Development Oman (PDO) for their inaugural debt raising in the international debt markets. The appointment reflects HSBC's local strengths in Oman as well as its ability to bring HSBC's global expertise into complex financial situations to the benefit of the Sultanate's financial system.

The bank further demonstrated its commitment to Omanisation and continued its programme of appointing more Omani nationals into senior positions. Supporting the bank’s female staff to achieve their career aspirations, a tailor made springboard programme was developed, aiming to help them identify clear and practical steps towards achieving their career and personal goals.

Under the corporate sustainability agenda, the second quarter witnessed a number of voluntary activities in the bank, some of which were developed in partnership with different organisations including Oman Association for the Disabled and The Environment Society of Oman. During the Holy Month of Ramadan, the bank organised a number of philanthropic activities, where staff were given the chance to volunteer with their time and efforts to make a positive contribution to the community.

HSBC Bank Oman operates an extensive network of 70 branches and 125 ATMs across the country. Through its delivery channels, the bank offers a comprehensive suite of financial products and services designed to serve the needs of retail, corporate and institutional customers.

Times of Oman