banking

BankDhofar’s net profit inches up to RO30.6mn

January 17, 2021

BankDhofar’s net profit inched up by 1.13 per cent to RO30.585mn for the year ended December 31, 2020 compared with RO30.244mn net profit reported for the previous year.

The bank’s operating income for the full year 2020 remained stable at approximately RO130mn compared to the same period in 2019, according to BankDhofar’s initial results submitted to the Muscat Securities Market.

Operating expenses decreased by 10.35 per cent to RO64.08mn for the year ended December 31, 2020 from RO71.47mn in the full year

2019.

BankDhofar’s loan-book grew by 6.6 per cent year-on-year as the bank’s net loans and advances increased to RO3.265bn as of December 31, 2020 from RO3.063bn a year ago. The bank’s deposits from customers decreased by 2.78 per cent to RO2.861bn as of December 31, 2020 compared to RO2.943bn at the end of 2019.

BankDhofar said its net provisions for credit losses for the year ended December 31, 2020 was RO28.99mn compared to RO22.39mn for the year ended December 31, 2019, an increase of RO6.59mn.

It said 2019 net provisions included classification of certain large accounts reflecting the market conditions, while 2020 net provisions include management overlay of precautionary provisions considering the economic impact due to the COVID-19 pandemic and continued pressure on oil prices.

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