BankDhofar Posts 15.62% Net Profit Growth in 2015


BankDhofar released its financial statement and the draft auditors’ report for the financial year ended 31st December 2015, showing remarkable growth in all key areas of business. The net profit for the year 2015 achieved by the Bank is RO 46.77 million (USD 121.48 million) as against RO 40.45 million (USD 105.06 million) in 2014, showing a strong growth of 15.62% year on year.

The net Loans, Advances and Financing to customers reached RO 2.73 billion (USD 7.09 billion) at December 2015, showing a significant growth of 21.33% from RO 2.25 billion (USD 5.84 billion) at the end of December 2014. The customer deposits mobilized by the bank achieved a prudent growth of 4.43% from RO 2.48 billion (USD 6.44 billion) at the end of 2014 to reach RO 2.59 billion (USD 6.73 billion) at the end of 2015.

The key profitability indicators also showed positive growths with net interest and financing income achieving a solid growth of 17.47% to reach RO 90.21 million (USD 234.31 million) for the year 2015 as compared to RO 76.79 million (USD 199.45 million) achieved in 2014. Non-interest and non-financing income such as fees and commission, foreign exchange profit, investment and other income have grown 13.39% to reach RO 25.02 million (USD 64.98 million) in 2015 as compared to RO 22.06 million (USD 57.29 million) achieved in the previous year.

The Cost-to-Income ratio during the year 2015 improved to 44.43% as compared to 46.69% in 2014.  In line with loan growth and regulatory requirement, the provision for loan impairment, net of recovery, during the year 2015 stood at RO 8.78 million (USD 22.8 million), as against RO 6.93 million (USD 18 million) during the previous year 2014. The impairment of investments due to downward market movements during the year is RO 2.74 million. (USD 7.12 million)

BankDhofar Board of Directors recommended cash dividend of 15% amounting to RO 23.17 million and a Bonus share issue of 10%, aggregating to  154.47 million  shares of RO 0.100 each, of the Share capital of the Bank, subject to Regulatory Approvals.

In recognition of its commitment to customers BankDhofar has received 18 prestigious awards from local and international institutions including: ABF Retail Banking Awards 2015, SME Bank of the Year – Oman, Islamic Bank of the Year – Oman 2015, and the OER Finance Summit & Top 20 Awards, amongst other awards.

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