Mubasher: Oman’s Bank Sohar posted on Sunday a fall of 36.9% in its net profit for the first quarter of fiscal 2016.

Net profit reached OMR 4.16 million ($10.78 million) in Q1-16, versus OMR 6.59 million($17.07 million) Q1-15, according to the bank’s initial unaudited financial statements.

Operating revenue and operating profit excluding available-for-sale (AFS) investment gains and losses rose in the first three months of 2016 by 6.24% and 7.82% year-on-year respectively.

Net profit after tax excluding AFS investment gains and losses increased by 0.8% to  OMR 6.4 million ($16.62 million) from OMR 6.35 million ($16.49 million) in the same period of 2014.

The bank earlier reported a net profit of OMR 28.01 million ($72.75 million) in 2015, 6.3% down from OMR 29.88 million ($77.61 million) in 2014.