HSBC's 9M net interest income soars 60%, profit down 4% 

(MENAFN - Muscat Daily) HSBC Bank Oman has said its net interest income soared 60 per cent to reach RO26.69mn in the nine-month period this year.According to a bank press release, this has instilled shareholder confidence in the recent merger as it approaches full integration. HSBC Oman also recorded an increase in other income to RO14.88mn from RO9.36mn last year. However, the bank reported a 4.2 per cent decline in net profit for the nine-month period ended September 30, 2012, to RO10.57m in comparison to the same period last year on increased operating expenses and loan impairment charges.In his statement in the board of directors' report, Brigadier Waleed Omar al Zawawi, deputy chairman, said, ''The combination of OIB and HSBC Oman is a significant event in the development of banking provisions in the sultanate, bringing together two organisations with a rich history in Oman that dates back to 1948."Management is now focused on the task of bringing both entities onto a single systems platform to ensure that we are rapidly able to offer our customers the benefits of the business combination, and in turn, the benefits to the shareholders from the new entity.''Ewan Stirling, chief executive officer, said, ''We are very pleased with the progress we have achieved in just four months since the formation of HSBC Bank Oman."With more than 400,000 customers in the new combined entity, we have addressed a major logistical challenge to ensure that all our customers receive welcome packs containing new account numbers, debit and/or credit cards and PIN numbers within a short time frame. "This will guarantee our growing HSBC family members begin to enjoy unmatched services that fulfil all their banking needs.''