MUSCAT: BankDhofar yesterday announced an impressive 24.8 per cent growth in net profit at RO17.74 million in the first half of 2010, from RO14.21 million posted for the same period last year.

The bank continued to maintain good results due to its focused business strategy.

The bank progressed well in the first half of 2010 and achieved a steady growth in all key financial indicators over the corresponding period last year. The total assets of the bank grew from RO1,408.2 million to RO1,518.4 million during the period.

Also, the customer deposits increased from RO989.2 million by end-June 2009 to RO1,138.1 million for the same period this year, indicating a sustained growth of 15.1 per cent.

Further, the key profitability indicators also achieved significant growths, as net interest income during the first half of 2010 increased to RO28.04 million from RO23.30 million earned during the corresponding period of 2009 signifying a growth of 20.34 per cent.

In line with the strategic plan, the bank made significant investment in new core banking solution, ATM and Internet banking systems to further enhance customer service.

The bank also successfully went ‘live’ completing the implementation of new core banking system Finacle.

Eng Abdul Hafidh Salim Al Aujaili, Chairman, BankDhofar commented; “BankDhofar managed to sustain continuous solid results this year as well due to a prudent business strategy.

We have also received the coveted leadership position in Oman by several prestigious rankings this year like Oman Economic Review-Gulf Baader, Business Today, Euromoney, and The Banker magazine Top 1000 banks worldwide.”

“I would like to thank our valuable customers for their confidence in the bank, the shareholders for their continuous support and the bank’s staff for the good performance in first half of 2010,” he further added.