VOL. XLV

No 7

18-February-2002

OMAN

Omans NBO Reports New Loss Of$17Mn, Other Banks See Profits Fall

The National Bank of Oman (NBO)announced on 3 February that for the first time since it was recapitalized in1991, it had reported a net loss of OR6.42mn ($16.7mn) and had waived dividendpayments for the year. The bank explained that the loss was due to asubstantial loan loss provision of OR30.5mn ($79.2mn) on an operating profit ofOR26.6mn ($69mn 16% higher than the previous year). At a press...