DUBAI: HSBC Bank Oman, formed last year by a merger of HSBC's Oman unit and Oman International Bank, posted a 62.7-percent slump in 2012 net profit, the bank said in a statement on Wednesday, hurt by integration costs and bad loans.
The lender, Oman's second-largest by market capitalisation, made a net profit of 5.8 million rials ($15.1 million) in 2012, compared with 15.5 million rials in 2011, the bourse filing from the bank said.
In the fourth quarter, HSBC Bank Oman made a net loss of 4.77 million rials, according on Reuters calculations based on the company's nine-month net profit of 10.57 million rials.
Non performing loans as a percentage of total loans jumped to 7.1 percent at the end of 2012, compared with 1.2 percent at the end of the previous year, the statement said.
Operating expenses rose to 48.7 million rials, which included 13.9 million rials of integration costs, the bank said without detailing how much the increase was.
http://thepeninsulaqatar.com/latest-news/223889-hsbcs-oman-unit-see-sharp-drop-in-2012-profit.html
The lender, Oman's second-largest by market capitalisation, made a net profit of 5.8 million rials ($15.1 million) in 2012, compared with 15.5 million rials in 2011, the bourse filing from the bank said.
In the fourth quarter, HSBC Bank Oman made a net loss of 4.77 million rials, according on Reuters calculations based on the company's nine-month net profit of 10.57 million rials.
Non performing loans as a percentage of total loans jumped to 7.1 percent at the end of 2012, compared with 1.2 percent at the end of the previous year, the statement said.
Operating expenses rose to 48.7 million rials, which included 13.9 million rials of integration costs, the bank said without detailing how much the increase was.
http://thepeninsulaqatar.com/latest-news/223889-hsbcs-oman-unit-see-sharp-drop-in-2012-profit.html
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