Oman’s Sohar bank net profit falls 10.3 percent

13 Oct 2015

(MENAFN) The top Omani Bank Sohar posted a gross profit of USD55.1 million for the first nine months as opposed to USD62 million in 2014’s same timeframe, marking a 10.3 percent decline.

The bank registered a fall in its operating profit by 9 percent to USD71.5 million over the cited period y-o-y compared to USD78.6 million reported in the corresponding period last year.

According to the accumulated data and figures, the cited deterioration in operational profit was essentially attributed to the increase in operating expenses of the Bank.

Meanwhile, Gross loans and advances of the bank raised by 17.8 percent on a year-on-year basis to reach USD4.4 billion as of the end of September from USD3.75 billion a year ago.

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