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Q3 profits of MSM-listed banks decline 12%

Q3 profits of MSM-listed banks decline 12%
(Photo credit: Arabianeye - Reuters)
Bank Muscat
BKMB
-0.76% 0.26 -0.00
Sohar International
BKSB
1.75% 0.12 0.00
Alizz Islamic Bank
BKIZ
0.00% 0.07 0.00

Bank Nizwa
BKNZ
0.00% 0.10 0.00
HSBC Oman
HBMO
0.00% 0.17 0.00
Bank Dhofar
BKDB
0.00% 0.16 0.00

Ahli Bank
ABOB
-1.29% 0.15 -0.00
NBO
NBOB
-5.62% 0.25 -0.01

By: Islam Fadl

Mubasher: The financial statements of the banks listed on the Muscat Securities Market (MSM) showed a 12.1% fall in their profits for the third quarter of fiscal 2016.

Total profits of the eight listed banks reached OMR 88.8 million in Q3-16, versus OMR 101 million for Q3-15.

However, total profits grew in the first nine months of 2016 by 2.5% to OMR 266.2 million, compared to OMR 259.6 million for the same period of 2015.

Bank Muscat recorded the highest gains in Q3-16 with a net profit of OMR 46.44 million, followed by Bank Dhofar with a net profit of OMR 14.24 million.

In the January-September period, Bank Muscat also topped gainers with a net profit of  OMR 136.91 million, followed by National Bank of Oman with OMR 42.1 million.

Meanwhile, Bank Nizwa posted the lowest profits of OMR 187,000 for Q3-16, followed by Bank Sohar with OMR 4.13 million.

Al Izz Islamic Bank recorded a net loss of OMR 1.33 million for Q3-16 and OMR 3.42 million for the nine-month period.

HSBC Oman made the biggest growth of 93.1% in Q3-16 profits and 66.7% in its profits for the first nine months of 2016.

Translated by: Elwy el-Manzalawy