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NBO posts over 39% growth in profits for nine months

17 Oct 2021 NBO By OUR CORRESPONDENT

Muscat – National Bank of Oman (NBO) has reported a 39.4 per cent year-on-year growth in net profit for the nine months period ended September 30, 2021.

The bank’s net profit jumped to RO23.5mn in the first nine months of this year as compared with RO16.9mn net profit reported in the corresponding period of 2020, according to the preliminary financial results announced by NBO to the Muscat Stock Exchange.

NBO’s net interest income and income from Islamic financing remained almost stable at RO67.8mn for the January–September period of 2021 compared to RO67.89mn recorded in the same period of last year.

The bank’s other operating income grew by 19.5 per cent to RO24.24mn for the first nine months of 2021 from RO20.28mn in the same period a year ago.

Operating expenses for the nine months ended September 30, 2021 stood at RO46.4mn compared to RO48mn for the corresponding period in 2020, a decrease of 3.3 per cent.

NBO said operating expenses decreased despite the bank’s continuing investments made for growth. ‘The reduction year-on-year is due to various efficiency initiatives undertaken across the bank,’ the bank said.

The bank’s loan-book grew by 4.5 per cent as net loans and advances [including Islamic financing] rose to RO3.033bn as of September 30, 2021 as compared to RO2.903bn a year ago.

NBO’s customer deposits and unrestricted investment accounts reached at RO2.750bn as of September 30, 2021 as compared to RO2.577bn recorded a year ago, recording an increase of 6.7 per cent.

In terms of deposit composition, NBO said its CASA (current account and savings account) deposits as a proportion to total deposits, have increased to 66.5 per cent as of September 30, 2021 compared to 60.8 per cent a year ago.

Total assets of NBO grew by 7.5 per cent to reach at RO3.917bn at the end of third quarter of 2021 from RO3.645 a year ago. The bank added that its preliminary results are subject to review by the external auditors and approval by the board of directors.

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