HSBC Bank Oman posts profit rise

HSBC Bank Oman, recently formed by a merger of HSBC’s Oman unit and Oman International Bank, posted a 4.3 per cent rise in net profit for the first six months of 2012, the bank said yesterday ahead of HSBC’s group results today. Net profit of 7.2m rials (£11.9m) compares to the 6.9m rials the bank made in the corresponding period of 2011, the statement to the Muscat bourse said. This equates to a 4.3 per cent rise in 2012. The formal completion of the merger was announced at the beginning of June, with HSBC holding 51 per cent of the new entity.