Financials
Chairman's Report
Dear
Shareholders,
I am glad to share with you the results achieved by the bank during the first
quarter ending 31 March 2013. The key business lines of the bank sustained
performance momentum during the challenging period in question.
Financial Overview
The Bank posted net profit of RO 25 million for the period compared to RO 33.4
million reported during the same period in 2012. An exceptional operating loss
provision of RO 15 million relating to Prepaid Travel Cards incident (disclosed to
the market on February 25, 2013 and February 26, 2013) was considered in the
first quarter accounts in compliance with the International Financial Reporting
Standards. The Bank is working on various channels to recover the loss arising
from this exposure and will update the market on any material developments in
this regard.
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