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