(Times of Oman Via Acquire Media NewsEdge) Muscat: The board of directors of HSBC Bank Oman has appointed David Gordon Eldon as chairman of the bank.
The shareholders of HSBC Bank Oman appointed Eldon as a director at the bank's annual general meeting (AGM) held on March 27. The shareholders also approved a proposal to distribute a cash dividend of 3.8 baisas per share. Bank's growthHSBC Bank Oman posted a 87.9 per cent growth in net profit for 2013 at OMR10.9 million compared to OMR5.8 million for the previous year. Net interest income increased by 20 per cent to reach OMR48.1 million, up from OMR40.1 million for 2012.
A net recovery of OMR2.2 million has been reported within loan impairment charges for the period against a net charge of OMR4.6 million in the same period last year. This is due to recoveries from corporate clients and a general provision release as a result of a reduction in corporate loans and advances in 2013.
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