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Oman International Bank’s Profits Fall 11.2% in Q1

Oman : 26 April

The Oman International Bank has just announced its first quarter profits of OR5.66million and this was a reduction of just over 11% for the same period of 2009.

It had been predicted that their profits would be in the region of OR6.02million so profits were lower than had been predicted.

The Omani International Bank have now made additional provisions for loan losses in the first quarter of OR477000 compared to a figure of OR372000 for the same period in 2009. This increased provision is common among the regions banking sector this year and we are seeing a fall in profits and credit availability as a direct result of this which can still be largely attributed to the Dubai World restructuring plan which is still to be finalized.

However Oman is believed to be a country with strong capital reserves and there is expected to be growth in the region over the next twelve months. At present oil is performing well and this will yield substantial revenues for them over the coming twelve months and they are predicting a surplus in 2010 in line with this. Overall economic growth is predicted to be 6% in 2010.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

26 April

Bank Employees in Bahrain March for their Jobs

Last Saturday saw a large number of employees from Bahrain’s main Banks take to the streets in protest over the number of job losses the sector has seen in the last year. The protest was held in Manama and is reported to have gone on for more than two hours and was based in front [...]

26 April

Dubai World Could Cause Banking Instability in Q2

It is likely that all UAE Banks will take the brunt of the Dubai World restructuring deal in the second quarter of this year. While Banks have recently released their figures for the first quarter none of them have yet accounted for the effect the Dubai World restructuring deal is going to have on the [...]

25 April

Saudi Arabia Pursuing Expansion of Infrastructure, Healthcare and Roads

Saudi Arabia is currently pursuing a programme of investment which will include a large amount of investment in areas such as health care, roads and general infrastructure between 2010 and 2013. Saudi Arabia has awarded development contracts worth in the region of $5.6 billion during the first three months of this year however this was [...]

25 April

Payment Defaults on Bad Bank loans are decreasing

New figures that have just been released suggest that the number of loan reschedules and foreclosures will decrease somewhat over the coming months. Many mortgage lenders in the UAE are predicting that non-performing loans will start to ease off although recent statistics released by the Central Bank show that Banks have increased their provisions for [...]