Mubasher: Bank Sohar on Thursday reported a growth of 44% in its profits for the first quarter of 2017, compared to the same period in 2016.
Net profits stood at OMR 5.99 million ($15.5 million) in Q1-17, compared to OMR 4.16 million ($10.77 million) in Q1-16, according to a filing to the Muscat Securities Market (MSM).
Customer deposits rose 18.3% reaching OMR 1.68 billion in Q1-17, compared to OMR 1.42 billion in the same period of the year before.
The operating profit increased 6.9% to OMR 6.63 million in Q1-17, compared to OMR 6.2 million in the corresponding period in the year before.
Annual net profits of 2016 amounted to OMR 19.11 million, compared to OMR 27.75 million in 2015, showing a drop of 31.1%.
