| BankDhofar Q3 profit surges to 28.73m rials |
MUSCAT BankDhofar has recorded a steady growth in its net profit during the third quarter ended September 30, 2012. The bank’s profit rose to 28.73 million rials during the nine-month period as against 5.74 million rials in the same period last year.
Net interest income of the bank increased 6.69 per cent to 48.02 million rials during thje period. Customer deposits grew 17.65 per cent to 1.60 billion rials supporting growth in loans and advances of 16.90 pert cent to 1.66 billion rials, the bank said in a press release.
BankDhofar’s operating profit grew by 6.27 per cent to 36.29 million rials over the same period in 2011 on the back of higher non-interest income including fees and commissions, foreign exchange profit, investment and other income which grew 7.37 per cent to 15.30 million rials.
The bank’s operating profit stood at 14.25 million rials in the corresponding period of 2011.
“We continue to work towards consistent profitability and we remain focused on improving our operating procedures to enable us to maintain sustained profitability. We have the proper foundation in place through our strategic plan 2012-2016 to realise a bright future,” said CEO, Tony Mahoney.
“Our approach provides a stable, healthy return on investment and allows the bank’s market position to continue to strengthen,” he added.
BankDhofar’s strategic plan is an integral part of its successful financial growth. Through this plan the bank is continuing to invest in its people, its products and its technology. It is doing this through a number of different channels including; the BankDhofar Academy which drives employee engagement and enables them to develop and build their careers within the bank, its network expansion which ensures superior customer care for all customers and its business and corporate centres which further boosts its support of small and medium enterprises (SME’s) as well as its commercial and corporate customers.
BankDhofar has the best products and services in place for its customers and this can clearly be seen with the recent launch of its fund transfer facility as well as enabling easy electronic banking through the mobile phone network. It also has all the necessary steps in place for a successful Islamic Banking business which will strengthen the bank’s revenues, ensuring profit sharing for its customers and the community.
Oman Tribune
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