Mubasher: Bank Nizwa swung to profits in the fourth quarter of 2016, according to a bourse statement.

The bank posted profits of OMR 650,000 ($1.69 million) in Q4-16, against losses of OMR 820,000 ($2.13 million) in Q4-15.

In 2016, Bank Nizwa turned profitable after achieving OMR 110,000, against losses of OMR 5.26 million in 2015.

Operating revenues rose 45.9% to OMR 17.38 million in 2016, compared to OMR 11.91 million in 2015.

The bank’s stock rose 2.3% by 12:00pm UAE time, with a turnover of OMR 241,620 generated from the exchange of 2.72 million shares.