Mubasher: Ahli Bank on Thursday reported a drop of 25.7% in profits for the first quarter of 2017 ended on 31 March, compared to the same period in 2016.

The bank’s profits stood at OMR 5.2 million ($13.5 million) in Q1-17, compared to OMR 7 million ($18.12 million) in Q1-16, according to a filing to the Muscat Securities Market (MSM).

Operating income dropped 5.5% reaching OMR 12.1 million in Q1-17, compared to OMR 12.8 million in the same period in the year before.

The operating expenses amounted to OMR 5 million in Q1-17, compared to OMR 4.4 million in the same period of the year earlier.

Annual net profits in 2016 reached OMR 29.6 million, compared to OMR 27.7 million in 2015, showing a growth of 6.86%.

The bank boosted the highest quarterly growth rate of 45.76% in Oman’s financial sector.