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Oman's Bank Dhofar Q2 net profit rises 23pc, meets expectations DUBAI: Bank Dhofar, currently in talks to merge with smaller rival Bank Sohar, met analysts' expectations as it posted a 23 percent rise in second-quarter net profit on Sunday. Oman's second-largest bank by market value made a profit of 10.28 million rials ($26.7 million) in the three-month period to June 30 compared to 8.36 million rials in the same timeframe last year, according to Reuters calculations. An average of three analysts polled by Reuters had estimated a quarterly profit of 10.11 million rials. Bank Dhofar didn't provide a quarterly breakdown so Reuters calculated based on previous financial statements.Net profit for the first six months of 2013 was 20.5 million rials, well down on the 40.8 million rials recorded for the corresponding period of last year, a statement to the Omani bourse said, as the bank didn't repeat a one-off gain booked in 2013 from a court case victory. Net loans ...

Saudi's Al Rajhi Bank posts fourth straight quarterly profit dip DUBAI: Al Rajhi Bank posted a fourth successive quarterly profit decline as its second-quarter earnings fell 8.2 percent year-on-year, with Saudi Arabia's largest listed lender hit again by higher provisioning. The bank said it made 1.95 billion riyals ($520 million) in the three months ending June 30, compared with 2.12 billion riyals in the same period a year earlier, citing an increase in total operating expenses for the drop without elaborating. Saudi companies issue brief ...
ECB interest rates too low for Germany, says Bundesbank chief FRANKFURT: The European Central Bank's interest rates are too low for Germany, Bundesbank chief Jens Weidmann said on Saturday, adding that ECB monetary policy should remain expansive for no longer than absolutely necessary.Speaking at a Bundesbank open day for the public, Weidmann noted that many savers in Germany were irritated by low interest rates but said these were aimed at supporting investment and consumption.The ECB cut interest rates to record lows last month as part ...
Mexico central bank holds rates, eyes pickup in growth MEXICO CITY: Mexico's central bank kept interest rates on hold on Friday, highlighting signs of stronger economic growth while still pointing to slack in the economy that bodes for steady borrowing costs ahead. The Banco de Mexico maintained its benchmark interest rate at a record low of 3 percent, as expected by analysts polled by Reuters, after policymakers surprised markets by delivering a 50 basis point cut last month. Board members said growth picked up ...
Wells Fargo earnings edge up on higher loans, deposits NEW YORK: US banking giant Wells Fargo Friday reported slightly higher earnings as loan and deposit growth offset the effects of lower revenues from leading mortgage categories.Wells Fargo opened second-quarter earnings season for big banks with profits of $5.7 billion, up 3.8 percent from the year-ago period. Wells Fargo executives have been bullish on the momentum in the US economy. On Friday, they pointed to continuing signs of improvement."By continuing to serve customers we grew ...
Turkish central bank sells 20 billion lira in repo, bids 30.66bn lira ISTANBUL: The Turkish Central Bank on Friday injected 20 billion lira ($9.42 billion) in a one-week repo auction at a fixed simple rate of 8.75 percent, bank data showed. Bids in the auction were 30.66 billion lira.The repo matures on July 18. Copyright Reuters, 2014 ...
Bank of England says may be case for extra leverage ratio for banks LONDON: The Bank of England said on Friday that big British banks and lenders might need to set aside more capital than planned under global rules being drawn up to prevent a repeat of the financial crisis. Launching a public consultation on a new so-called leverage ratio, the BoE said many financial institutions may have to comply with a requirement to set aside funds on top of a proposed minimum of 3 percent of their ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln