HSBC Oman Q1 net up 22.6%

(MENAFN- Muscat Daily) HSBC Bank Oman said its net profit for the first three months of 2015 rose 22.6 per cent from a year earlier to RO3.8mn.

Net operating income before loan impairment charges increased 15.5 per cent to RO18.6mn from RO16.1mn for the same period last year. Net interest income increased by 5.2 per cent to RO12.1mn due to an increase in corporate loans and advances. Other operating income for the latest first quarter came in at RO1.5mn.

David Eldon chairman of HSBC Bank Oman said 'We have seen a strong start to the year with solid performances in both the retail and corporate sectors. We remain focussed on our strategic objectives of growing revenues streamlining our processes and procedures and implementing the highest global standards within a framework of delivering excellence in customer service at all times.'

He added 'In retail banking and wealth management we began the year on a positive note with the launch of a multi-product and multi-proposition campaign 'The Big Start' which helped us drive good acquisition levels in our key customer segments of premier and advance.'

During the quarter HSBC Oman announced completion of the sale of its two branches in India and confirmed that this sale had no material impact on the bank's overall performance.