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HSBC Oman posts RO29mn profit, board proposes cash dividend

29 Jan 2020

HSBC Bank Oman’ s net profit for the year ended December 31, 2019 decreased by 6.7 per cent to RO29.3mn, according to the bank’s unaudited financial results submitted to the Muscat Securities Market (MSM). The lender had reported a net profit of RO31.4mn in the financial year ended December 31, 2018.

The bank’s operating income last year remained nearly flat, thus registering a marginal growth of 0.8 per cent to RO86.6mn as against RO85.9mn in 2018.

In an another filing to the MSM on Tuesday, the bank said its board of directors has approved the annual financial statements for the year ended December 31, 2019. The board also proposed a cash dividend of 8.7bz per share of nominal value of 100bz, amounting to RO17.4mn for the full year 2019.

In the end of 2019, HSBC Bank Oman’s total assets rose 8 per cent to touch RO2.55bn as against RO2.36bn in the previous year. Similarly, in terms of net loans, advances and financing, the bank reported a growth of

8.1 per cent to RO1.5bn as of December 31, 2019 from RO1.39bn a year ago. The bank’s customer deposits during the year under consideration went up 7.5 per cent to RO2.07bn from RO1.93bn in the previous year.

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