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Asset-Quality Problems Have Been Driving Bank Consolidation in Oman, Report Says Oct 04
Standard & Poors, Oct 2004
Abstract
PARIS (Standard & Poor's) Oct. 12, 2004--The Omani banking system has been enjoying adequate profitability and capitalization for most of the past five years, but the financial profiles of the banks are not as robust as those of regional peers in Saudi Arabia, Kuwait, and the United Arab Emirates (UAE), Standard & Poor's Ratings Services said in a report published today ('Bank Industry Risk Analysis: Oman (Sultanate of)'). 'The key area of vulnerability of the system is asset quality,' explained Standard & Poor's credit analyst Anouar Hassoune. 'Nonperforming loans of the locally incorporated banks increased to a high 12.8% of total gross loans at year-end 2003 (up from 7.5% in 2000). The deterioration was mainly the result of the failure...
Companies mentioned in this report are: BankMuscat S.A.O.G.
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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