Oman – Mubasher: HSBC Oman reported a net profit of OMR 5.2 million in the first half of 2015, a decline of 8.8% from OMR 5.7 million in the same period in 2014, the bank said in a filing to the Muscat Securities Market (MSM) on Thursday.

The decline was attributed to an increase in loan impairment charges and operating expenses, the bank stated.

Net operating income before loan impairment charges was up 5.9% to OMR 36.1 million in H1-15, compared to OMR 34.1 million in H1-14, due to higher net interest income, net fee income and other operating income, the statement revealed, adding that net interest income grew 4.3% to OMR 24.1 million, from OMR 23.1 million in the same period in 2014. This growth was due to an increase in corporate loans and advances.

Net fee income increased 9.7% to OMR 6.8 million in the half-year period from OMR 6.2 million in H1-14, due to higher fees from the trade finance business.