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Industrial Bank of Oman 99 pretax up 5.3 pct

MUSCAT: The Industrial Bank of Oman (IBO) said on Monday its pre-tax profit rose 5.3 percent in 1999, to reach 1.178 million rials ($3.06 million).

Pre-tax profit for 1998 was 1.119 million rials, the bank said.

IBO, which called off merger talks with both Bank Muscat International and Majan Bank late last year, was established in September 1998 with a paid-up capital of 25 million rials.

The bank specialises in lending to local manufacturers. -Reuters