BankDhofar has reported a net profit of RO30.244mn for the year ended December 31, 2019, a decline of nearly 40 per cent compared to the profit in the previous year.
In a press statement, BankDhofar’s CEO Abdul Hakeem al Ojaili said, “This year’s results have been impacted by some increase in net provisions from classification of certain large exposures, resulting in decline of net profits by 39.85 per cent compared to 2018. We are aware of the market challenges and, as a precautionary measure, we continue our cautious approach on increasing the loan and financing book, focusing on credit quality.”
Ojaili stressed on the bank’s commitment to achieve sustainable growth, reiterating optimistic plans as part of its vision for and post 2020. “We are looking forward to a great year as we set our business goals and day-to-day operations to achieve sustainable growth and bring in value to our partners and stakeholders,” he noted.
BankDhofar’s customer deposits increased by 0.64 per cent to RO2.94bn as of December 31, 2019 from RO2.92bn a year ago. Total assets reached RO4.33bn in December 2019, recording an increase of 2.69 per cent compared to RO4.21bn total assets at the end of 2018.
Meanwhile, the bank’s Islamic banking window Maisarah Islamic Banking Services achieved a remarkable growth in profitability during 2019. Maisarah posted 17.36 per cent growth in profit before tax at RO6.97mn for 2019 compared to RO5.94mn in 2018.
Reaffirming its commitment to continuously boost its role as a key player in the Oman’s financial market and as a main contributor to the diversification of the local economy, BankDhofar aligns its operational strategy with the national future vision of Oman that is fully integrated into the economic realities and is objectively orientated towards the future foresight.
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