Bank Sohar reports 49% growth in Q1 net profit
Bank Sohar reported a 48.63 per cent growth in net profit for the first quarter of 2018. The bank’s net profit jumped to RO8.9mn for the three months period ended March 31, 2018 compared to RO5.99mn reported in the same period of last year.
Net loans and advances at Bank Sohar grew 13.52 per cent to RO2.17bn as at March 31, 2018 from RO1.91bn a year ago, according to bank’s initial unaudited financial results submitted to the Muscat Securities Market. Customers deposits decreased by 1.56 per cent to RO1.65bn from RO1.68bn a year ago.
The bank’s operating income surged by 42.93 per cent to RO21.8mn in the first quarter of 2018 compared to RO15.25mn in the corresponding period of the previous year. Operating expenses increased 14.42 per cent in the first quarter this year to RO9.87mn from RO8.62mn in the first quarter of 2017.
Bank Sohar’s total assets grew 12.4 per cent to RO2.92bn as of March 31, 2018 compared to RO2.6bn a year ago.