FINANCIAL NEWS

Al Omaniya Financial Services’ Q1 profit up 15.3%

19 Apr 2012

(MENAFN) Al Omaniya Financial Services (AOFS) said that pre-tax pre-provision profit climbed 15.3 percent in the first quarter to USD4.87 million, from USD4.22 million in the same period a year earlier, reported Times of Oman.

The country’s largest non-banking financial institution added that net profit after provision and tax grew 10.17 percent to USD2.77 million, compared with USD2.51 million in 2011’s same quarter.

It also said that the hire purchase assets of the firm jumped 25.22 percent to USD428.38 million, from USD342.11 million.

It is worth noting that during the period, AOFS has provided USD1.72 million towards allowance for impairment, and the total provision stands at USD17.31 million as of March 31.

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