Mubasher: The National Bank of Oman (NBO) on Thursday reported a slight decline in its profits by 0.7% for the first quarter of 2017, compared to the same period of 2016.
Net profits reached OMR 13.8 million ($35.72 million) in Q1-17, compared to OMR 13.9 million ($36 million) in Q1-16, according to the bank’s statement to the Muscat Securities Market (MSM).
Customers’ deposits rose 5.7% to OMR 2.53 billion in Q1-17, compared to OMR 2.4 million in the same period the year before.
Loans and advances also increased 6.6% reaching OMR 2.8 billion in the first three months of the year, compared to OMR 2.62 billion in the corresponding period in 2016.
The bank’s operating profits edged up 0.5% to OMR 18.9 million in Q1-17, compared to OMR 18.8 million in the year-ago.
NBO had previously posted a 7.15% decrease in annual profits for 2016 reaching OMR 55.8 million, compared to OMR 60.11 million in 2015.
