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...
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