Mubasher: Bank Nizwa on Sunday reported turning to profitability in the second quarter of 2017 against losses in the corresponding period of the year before.
The Muscat-listed bank achieved a profit of OMR 710,000 ($1.84 million) in Q2-17, against losses of OMR 261,000 ($675,000) in Q2-16, according to a bourse filing.
In the first half of 2017, the bank’s net profit amounted to OMR 1.3 million, versus losses of OMR 727,000 in H1-16.
Operating revenues of the Omani bank rose 36.2% reaching OMR 10.73 million in H1-17, compared to OMR 7.88 million in H1-16.
The bank previously said it turned profitable in Q1-17 achieving OMR 593,000 against OMR 466,000 in losses in the year-ago period.
By 11:00 am Muscat time on Sunday, Bank Nizwa’s stock grew 1.08% to OMR 0.094.
