Net Profit
The Bank made a net profit of RO 22.9 million in 2002, an
increase of RO 15.1 million, or 194% over 2001. The
operating profit of RO 42.1 million was higher by RO 7.6
million or 22% over 2001.
Net interest income of RO 62.5 million was higher by RO 12.8
million or 26% more than 2001. Other operating income
increased by RO 4.8 million, or 39% to RO 16.9 million in
2002. Operating expenses were higher by RO 10 million, or
37%, at RO 37.4 million.
The
net charge for possible credit losses was RO 15.9 million
compared to RO 23.5 million in 2001. The provisions were lower in 2002 as compared to 2001. Provisions for possible
credit losses in 2001 were at a higher level primarily due
to provisions made against impairment of a loan to a major
corporate entity. There has been an unrealized gain in the
value of investment securities of RO 0.3 million for the
year 2002 as compared to an unrealized loss of RO 0.3
million in 2001. The provision towards reduction in the
value of collateral pending sale is lower at RO 0.1 million
as compared to RO 1.1 million in 2001.
The Basic Earnings per share increased from RO 0.171 per
share for 2001 to RO 0.476 for 2002 an increase of 178%. The
diluted earnings per share for the year 2002 was RO 0.455.
