BankDho­far re­ports RO30mn net profit for 2019

Muscat Daily - - BUSINESS -

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 dayto-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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