(MENAFN- Muscat Daily) HSBC Bank Oman on Tuesday announced an annual 11.9 per cent gain in net income for the full-year 2014.
Net profit rose to RO12.2m in 2014 from RO10.9mn in the previous year on higher net operating income before loan impairment charges lower operating expenses and the release of the prior year's tax provisions the bank said in a filing to the Muscat Securities Market on Tuesday.
The board of directors approved the financial results and proposed a cash dividend of 5.5bz per share with a nominal value per share of 100bz amounting to RO11mn for 2014.
The bank said net operating income before loan impairment charges increased by 3.3 per cent to RO71mn – against RO68.7mn in the previous year – as a result of higher net interest income net fee income and dividend income.
Net interest income rose by 1.7 per cent to RO48.9mn as corporate loans and advances increased and high-cost corporate deposits fell. Net fee income gained 9.6 per cent to RO12.6mn from RO11.5mn a year ago on higher structuring and facility fees from corporate customers.
HSBC Bank Oman said its operating expenses dropped by 4.3 per cent to RO55.3mn on stricter cost management and non-recurrence of operational losses and one-off expenses in 2014.
In a press release issued on Tuesday David Eldon chairman of HSBC Bank Oman said 'At our AGM last year we talked about how we had spent a lot of time and effort putting in place a stronger foundation for the future as we continue on our journey to become the leading bank in Oman. I am pleased that through the implementation of our strategy we have been able to evidence this in these results by growth in our revenues and diligently managing our costs along with strong growth in the balance sheet through a noticeable increase in loans and advances to our customers.'<
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