By: Islam Fadl
Mubasher: The financial statements of the banks listed on the Muscat Securities Market (MSM) showed a 12.1% fall in their profits for the third quarter of fiscal 2016.
Total profits of the eight listed banks reached OMR 88.8 million in Q3-16, versus OMR 101 million for Q3-15.
However, total profits grew in the first nine months of 2016 by 2.5% to OMR 266.2 million, compared to OMR 259.6 million for the same period of 2015.
Bank Muscat recorded the highest gains in Q3-16 with a net profit of OMR 46.44 million, followed by Bank Dhofar with a net profit of OMR 14.24 million.
In the January-September period, Bank Muscat also topped gainers with a net profit of OMR 136.91 million, followed by National Bank of Oman with OMR 42.1 million.
Meanwhile, Bank Nizwa posted the lowest profits of OMR 187,000 for Q3-16, followed by Bank Sohar with OMR 4.13 million.
Al Izz Islamic Bank recorded a net loss of OMR 1.33 million for Q3-16 and OMR 3.42 million for the nine-month period.
HSBC Oman made the biggest growth of 93.1% in Q3-16 profits and 66.7% in its profits for the first nine months of 2016.
Translated by: Elwy el-Manzalawy
