VOL. XLVI

No 18

05-May-2003

OMAN

Falling Provisions Boost Omans Banks, But Bad Debts Remain High

Omans banks have enjoyed a better year in 2002 following a difficult 2001 which saw banks profits impacted by bad debt and high provisioning costs resulting from the introduction of International Account Standards 39 (IAS 39). Sector-wide profits jumped from the poor performance of 2001, which saw total profits of just $20.7mn, to reach $148.1mn, the highest level since 1997 (although this remains some...