Dear Shareholders, 

I am glad to share with you the resilient results achieved by the Bank during 2009 against the backdrop of stimulus and rescue strategies, which set in motion a global economic recovery. The key business lines of the Bank weathered the challenging situation.

The Bank achieved a net profit of RO 73.7 million as against a net profit of RO 93.7 million reported in 2008. The Bank achieved an operating profit of RO. 208.9 million for the year ended 31 December 2009 as against an operating profit of RO. 152.6 million for the year ended 31 December 2008, an increase of 36.9%. During the year 2009, the Bank disposed off its investment in HDFC Bank, India and recognized a pre-tax profit of RO 60.5 million. Operating profit excluding the gain on HDFC Bank investment was marginally lower by 2.7% in 2009. This demonstrates that the Bank’s core business income during the year 2009 was strong and stable in spite of global financial crisis.   (read more)