VOL. XLVII

No 21

24-May-2004

OMAN

REGIONAL BANKING

Continuing Difficulties At NBO Weigh On Omani Banking Sector In 2003

The fortunes of the small Omani banking sector in 2003 were dominated by those of Bank Muscat, which strengthened its position at the head of the sector, and National Bank of Oman (NBO), which continued to battle with high provisioning costs. Bank Muscats profits surged 18% to $70.3mn. NBO, by contrast, reported losses of $134.5mn, and was largely responsible for the drop in...