By: Salama AbdelRahman

Mubasher: Financial data for banks listed on the Muscat Securities Market (MSM) showed a 3.76% year-on-year growth in profits for the first quarter of 2017.

The combined profits of eight banks stood at OMR 87.28 million ($225.94 million) in Q1-17, up from OMR 84.11 million ($217.73 million) in Q1-16, according to data compiled by Mubasher.

Bank Muscat recorded the highest profits during the first three months of 2017, achieving OMR 44.23 million, followed by the National Bank of Oman (NBO), which despite posting a slight decline of 0.72%, achieved OMR 13.8 million.

The two banks also ranked first and second in terms of annual profits with OMR 176.56 million and OMR 55.8 million, respectively.

Alizz Islamic Bank was the only bank that posted losses in Q1-17 with OMR 740,000.

Three banks’ profits fall in Q1

Three banks logged profit declines in the three-month period ended 31 March 2017.

Ahli Bank’s profits retreated 25.71% year-on-year to OMR 5.2 million, while Bank Dhofar’s declined 7.74% reaching OMR 12.51 million.

Translated by: Mohamed Hesham Azab