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...
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