HSBC Bank Oman post H1 net profit of RO 5.7M
Published: Jul 22, 2014
Source: Muscat Daily


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HSBC Bank Oman post H1 net profit of RO 5.7M

HSBC Bank Oman has posted a net profit of RO5.7mn for the first half of 2014. While this represented a 38.7 per cent drop over the same period last year, the comparative period in 2013 benefitted from large recoveries and a release of a portion of the general provision, a bank press release said. 

Net operating income before loan impairment charges increased by 2.7 per cent to RO34.1mn, compared with RO33.2mn for the same period in 2013.  Net interest income was flat at RO23.1mn while total other operating income increased by 8.9 per cent to RO11.0mn, against RO10.1mn for the same period in 2013.

David Eldon, chairman of HSBC Bank Oman, said, “We have built on the positive momentum seen in the first quarter by remaining focused on our strategy of growing revenues, streamlining processes and procedures, and implementing the highest global standards to protect the bank, our shareholders and our customers against the growing risks of financial crime. I am particularly pleased with the growth in value of loans and advances to our customers since the date of our annual general meeting in March.”

He added, “We continue to see strong sales activity in retail banking and wealth management following the introduction of a more focused customer-centric way of serving customers, with our staff having more valuable conversations with customers about their financial needs. In commercial banking, our local expertise combined with our international connectivity is proving to be a compelling proposition enabling HSBC Bank Oman to win important new business.” 

The bank continued its branch-investment programme with more branches refurbished to help deliver the best in-branch customer experience. In addition, recognising the increasingly important role of digital banking in society, the bank launched an Arabic mobile banking application to complement its comprehensive digital banking proposition.

Commenting on its operations in India, Eldon said, “Further to our statement in April when we announced we had entered into an agreement to sell our banking business in India to Doha Bank QSC, discussions are continuing with all the relevant stakeholders as we seek to conclude this deal during the last quarter of the year.”

The bank continued to show its support to the national agenda by appointing Abdul-Qader al Sumali and Sulaiman al Lamki into senior executive positions. It also maintained its commitment to Oman through its corporate sustainability initiatives, including a new partnership with the Oman Water Society to renovate Al Maidan falaj in the wilayat of Nakhal. In the first half of the year, HSBC Bank Oman staff contributed over 700 hours of volunteer help with over 150 staff supporting corporate sustainability initiatives, the release added.

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