(MENAFN- Muscat Daily) Muscat- Oman's commercial banks performed well during the first quarter of 2017 despite the difficult economic challenges facing the global banking sector.
The net profits of the six commercial banks listed at the Muscat Securities Market (MSM) rose to RO87.4mn in the first quarter of 2017 against RO85.9mn during the corresponding period of last year. The banks also reported growth in their assets, customer deposits and loan portfolios, according to an Oman News Agency report.
Financial statements released by the banks showed that the net profit of Bank Muscat grew to RO44.2mn in the first quarter compared to RO43.7mn in the corresponding period last year. Bank Sohar's net profit increased to about RO6mn compared to RO4.1mn in the first quarter of 2016. HSBC Bank Oman's net profit increased from RO3.5mn to RO5.7mn. While National Bank of Oman (NBO)maintained its profits at RO13mn, BankDhofar's profit declined from RO13.5mn to RO12.5mn. Ahlibank's profit also dropped from RO7mn to RO5.2mn.
The banks affirmed that they enjoy good financial position despite the decline inprofits witnessed by some of them. Total deposits of the banking sector, as of the end of February 2017, grew by 7.1 per cent to RO20.8bn (including RO13.7bn as deposits by the private sector).
Total capital of the six MSM listed commercial banks increased to RO1.148bn by the end of March 2017, a growth of RO78.9mn compared to the corresponding period last year.
Total assets declined to RO25.3bn compared to RO26.5bn a year ago.
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