The Omani banking sector suffered a drop in profit for the second year in a row, when the profits of 17 commercial banks fell by 5.2 percent in 1999, reported the Gulf News.
Though the banks have yet to officially announce their annual results, well-placed sources were quoted by the daily as saying that the banks had made a combined profit of 63.7 million Omani riyals compared with 67.3 million riyals in 1999.
The drop in profit in 1999 was more pronounced considering the fact that these banks had made a total profit of 75.343 million riyals in 1998.
The half-yearly profits up to June 30, 2000 also displayed the same trend as that of the other year-end, said the paper.
The profits were down more than 10 percent after dropping from 38.561 million riyals to 34.641 million riyals.
Despite the overall drop in profits, a few banks like the Industrial Bank of Oman improved their profits in 2000, Omani sources said.
Oman's banking sector consists of 16 local and foreign commercial banks, four specialized banks and three investment banks.
Most of the local banks have significant foreign shareholders closely involved in management, with many expatriates in senior positions -- Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
