Financial And Banking News
Bank of Oman Cuts Provisions
Despite the generally poor debt climate in the UAE, the Dubai-based Bank of Oman cut its loan-loss provisions by a third and increased its pre-tax profits by 7.9% to Dh57.33mn ($15.6mn) in 1985. After-tax profit dropped 7.7% to Dh40.36mn. Total assets and customer deposits remained unchanged at Dh8.9bn and Dh4.5b respectively with the bank's loan portfolio declining by 3.5% to Dh3.1bn. Provisions for loan...