MSM-listed banks’ first quarter profits rise 10 per cent to OMR81 mill

26/04/2015 00:13 AST

Latest statistics point out that the profits of the listed banks increased in the first quarter (Q1) of 2015 compared to the same period in 2014.

The eight listed banks grew by 10 per cent to cross OMR81.7 million during first quarter 2015, compared to almost OMR74 million during the same period last year.

HSBC Oman profits increased by 23 per cent to hit OMR3.8 million during first quarter 2015 compared to OMR3.09 during first quarter 2014.

National Bank of Oman (NBO) profits grew by 22 per cent during first quarter 2015 to hit OMR12.6 million compared to OMR10.3 million during first quarter 2014.

Bank Nizwa reduced its losses during first quarter 2015 by 20 per cent to hit OMR1.6 million compared to OMR2 million during first quarter 2014.

Bank Dhofar profits crossed OMR11.7 million during first quarter 2015 compared to OMR10.22 million during first quarter 2014, a growth by 15 per cent.

ahlibank profits grew by 13 per cent during first quarter 2015 to cross OMR6.8 million compared to OMR6 million during first quarter 2014.

BankMuscat profits exceeded OMR43 million during first quarter 2015, a growth by nine per cent compared to OMR39.8 million during first quarter 2014.

Bank Sohar profits stood at OMR6.59 million during first quarter 2015 compared to OMR7.96 million during first quarter 2014, a decline by 17 per cent.

Al Izz Islamic Bank recorded about OMR1.57 million losses during first quarter 2015 compared to OMR1.47 million losses during first quarter 2014, an increase in losses by seven per cent.

Analysts and experts affirmed that those profits of the listed banks during first quarter 2015 were better than during first quarter 2015. They added that Islamic banks could not yet cover their operational expenses.

Times of Oman