DUBAI, April 28 HSBC Bank Oman, an
affiliate of HSBC Holdings, posted a 46 percent slump
in net profit in the first quarter, as the lender didn't repeat
gains registered in the same period last year.
Oman's fourth-largest lender by assets made a net profit of
3.1 million rials ($8.1 million) in the opening three months of
2014, compared to 5.7 million rials in the same period of 2013,
according to a bourse filing on Monday.
HSBC Bank Oman said the fall was because the corresponding
quarter in 2013 had been boosted by "large recoveries, release
of a portion of the general provision and earnings from one-off
Estimates from Gulf Baader Capital Markets and United
Securities had forecast a net profit for the period of 2.27
million and 3.58 million rials respectively.
HSBC Bank Oman said earlier this month that it had agreed to
sell its Indian business to Qatar's Doha Bank for an
undisclosed amount, with the transaction set to close in the
The bank named Andrew Long as its new chief executive on
April 1, replacing Ewan Stirling, who left in February for a
London-based role at HSBC.
($1 = 0.3850 Omani Rials)
(Reporting by David French; Editing by Andrew Torchia)